Trading

Analyst Benjamin Cowen Issues Crypto Warning, Says Bitcoin (BTC) Rally Likely Unsustainable – Here’s Why

Common crypto strategist Benjamin Cowen is questioning the sustainability of the present Bitcoin (BTC) rally based mostly on historic priority.

Cowen tells his 782,000 YouTube subscribers that Bitcoin might replicate its early 2020 trajectory the place the flagship crypto asset initially rallied earlier than plunging considerably.

Bitcoin reached a excessive of $10,500 earlier than plunging to a low of round $3,800 between February and March 2020.

In line with Cowen, Bitcoin’s habits in early 2020 is related to the present interval since it’s the solely different time in its historical past that the flagship crypto asset has skilled a recession or recession-like situations.

“Should you assume again to what occurred in 2020, this right here [first quarter of 2020] was a really transient recession. I nonetheless bear in mind on this vary again over right here, there have been really lots of people that had been fairly bullish going into early 2020. And if you happen to return and take a look at what individuals had been saying again then, quite a lot of indicators had been flashing that this was the beginning of the brand new bull market…

One factor to bear in mind is that this right here [Bitcoin falling from $10,500 to $3,800 in early 2020] occurred throughout the one recession that now we have had for Bitcoin. It was very, very transient.”

Supply: Benjamin Cowen/YouTube

In line with Cowen, the worth of Bitcoin might vary between $16,000 and $30,000 for a “whereas” earlier than a transparent course will be decided.

“You can at all times see one thing related the place Bitcoin spends some time on this vary [~$16,000 – $30,000] after which it will definitely comes down right into a recession. It might sweep the lows, it might put in the next low, it might put in a decrease low.”

Supply: Benjamin Cowen/YouTube

Bitcoin is buying and selling for $23,069 at time of writing.

I

Do not Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox

Examine Worth Motion

Comply with us on Twitter, Facebook and Telegram

Surf The Every day Hodl Combine

Examine Newest Information Headlines

&nbsp

Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any loses you could incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in affiliate marketing online.

Generated Picture: Midjourney
Featured Picture: Shutterstock/David Sandron



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button