Bitcoin Could Rally 100% After New Low, Says Analyst
1min read Popular crypto analyst Benjamin cowen suggests that Bitcoin (BTC) could experience a significant counter-trend rally under certain conditions. In a recent YouTube video, Cowen shared his insights with his 892,000 subscribers, drawing parallels between the current market situation and Bitcoin's price action in 2019.
Cowen posits that Bitcoin might follow a similar pattern to 2019, where it rallied to a lower high during the early stages of its correction before dropping to lower levels and then bouncing back. According to Cowen, Bitcoin could potentially drop to a new low by 2025, which might then spark a massive counter-trend surge. He explains that even if Bitcoin reaches a lower high and subsequently a lower low, there is still a possibility that it could find support within a specific range, which is crucial for the cycle to continue.
Cowen notes that the counter-trend rally in 2019 was short-lived due to worsening macroeconomic conditions. He highlights that the secondary rally failed because the market could no longer ignore the recession, with an unemployment rate of around 15%. This historical context is important for understanding the potential for a similar rally in the future, given the right conditions.
Cowen's analysis suggests that if Bitcoin were to drop to a new low, it could find support in the range between $69,000 and $75,000. This support level would be crucial for a larger counter-trend rally, as it would provide a foundation for a more substantial price movement. Cowen's insights are based on historical price action and macroeconomic factors, providing a nuanced view of Bitcoin's potential future performance.
Ask Aime: What is the potential future development of Bitcoin based on Benjamin Cowen's analysis of its historical price action and macroeconomic factors?
