One Final Capitulation Crash Before Bitcoin Reversal? Analyst Benjamin Cowen Analyzes Potential BTC Bottom

Crypto analyst Benjamin Cowen is analyzing the historic patterns of Bitcoin bear markets to estimate when BTC might backside out.

In a brand new technique session, Cowen says it could be cheap to anticipate a bottoming situation much like that of 2018, the place BTC’s worth made a collection of barely greater lows earlier than sharply capitulating to new lows to succeed in its ground.

“Up to now in 2022 making the case for the underside has not likely served anybody properly, and that’s why at the start of the 12 months we stated, ‘Look, don’t spend an excessive amount of psychological power making an attempt to name a backside in 2022…’

Whenever you’re within the bear market, you simply give it a bit of extra time and we are inclined to go decrease. 

If you happen to had been to comply with an identical sort of sample right here – we might form of extrapolate out the 200-day easy transferring common if it had been to proceed on down on its present trajectory, the place would possibly it cross?”

Supply: Benjamin Cowen/YouTube

Based mostly on the historic comparability, Cowen says {that a} potential capitulation occasion might happen round December twenty fifth of this 12 months, the place Bitcoin reaches its lowest level earlier than getting ready for one more bull market.

“You would see that it could cross someplace in late December, proper round Christmas, December twenty fifth, December twenty sixth, December twenty seventh, across the holidays is the place it could cross. 

I can’t actually say for positive, clearly, if it’s going to play out in the very same style however I’ll say this. This bear market has been occurring for over a 12 months now, and traditionally, bear markets for Bitcoin final a few 12 months. The one in 2014 lasted 14 months, and the one in 2018 lasted about 12 months, so in that context you might argue that we’re properly throughout the window as to when bottoms usually happen by way of time.”

At time of writing, Bitcoin is swapping arms for $16,608, a fractional dip on the day.


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