Українська
Русский
English
Crypto Analyst Benjamin Cowen Says Bitcoin Could Reach Its Bottom in October
Crypto analyst and video blogger Benjamin Cowen suggested that Bitcoin could retest the $60,000 level this year. According to Cowen, this potential correction could be followed by a new bullish cycle in the market. The experienced analyst predicts that the final bottom of the current market cycle will be reached in October of next year.
Benjamin Cowen noted that Bitcoin’s current price fluctuations largely resemble previous market cycles. According to the analyst, in this cycle Bitcoin reached its peak approximately 1,162 days after the previous low. Cowen noted that in the two previous major cycles, this period was 1,059 and 1,168 days, respectively, indicating that the current dynamics are quite consistent with historical data.
Cowen also stated that the current market situation resembles bear-market lows observed during U.S. midterm election years. The analyst recalled that Bitcoin experienced strong recoveries after sharp corrections in 2014, 2018, and 2022. Therefore, he argued that the current corrections could create significant opportunities for long-term investors.
Bitcoin has fallen by about 40% from its all-time high of $126,080, reached in October of last year. Recently, global macroeconomic pressure, uncertainty over interest-rate policy, and selling pressure from risk-asset sellers have negatively affected the cryptocurrency market.
However, Cowen maintains his long-term optimistic forecast. According to the analyst, a new bull market could begin if Bitcoin forms strong support around $60,000. Market participants, meanwhile, continue to closely monitor macroeconomic developments and ETF fund flows in the coming months.
See also: "Grayscale: SpaceX Is Expected to Become the Largest Public Company Holding Bitcoin"
