Benjamin Cowen, a crypto analyst, says that if past patterns continue to hold true then Bitcoin may see a rally in the short term through March.
Cowen, in a recent YouTube video update, outlines the recurring pattern of Bitcoin’s annual performance.
BTC has historically tended to fall in January and February before rallying into March. It then weakened again between April and May.
It seems reasonable that a rally would lead to a lower peak, as we usually get around March…
No guarantee. The Bitcoin cycle has historically been weaker in February, stronger in March, and then weakened again into April and into May. .”
Cowen warns that the March move often marks a lower peak before a renewed downward trend.
In his view, 2018 is a good example. In 2018, Bitcoin’s price bottomed out near $6000 in February. It remained above this level until April and did not drop below that amount again until summer.
Cowen sees $74,000 to $75,000. This was a previous breakdown zone.
The bear market’s resistance band is near $85,000. However, it has continued to fall.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Bitcoin Ready for Rally Through March If History Repetition, According to Benjamin Cowen-But There’s A Catch might be updated as new information becomes available.
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