For Bitcoin and other digital assets, a bull market will soon begin, but this will happen after a noticeable drop and reaching a real bottom. This opinion was expressed by cryptocurrency analyst Benjamin Cowen.
#Bitcoin: Comparing Capitulationshttps://t.co/CpIuiQsRWJ
— Benjamin Cowen (@intocryptoverse) November 26, 2022
The expert expects a repeat of the 2018 crypto winter scenario. Then digital gold showed several stages of gradual recovery. But the growth became stable after the failure of quotes to the minimum of the bearish cycle.
Cowen recalled that since the beginning of the year he urged users to “not waste mental health” on trying to guess the bottom.
“When the market is bearish, we constantly see: a fall, consolidation, a small increase and again a failure. We are following a simple signal – the intersection of the 200-day moving average and the Bitcoin price chart, ”the analyst said.
According to him, this will happen in the period of December 25-27. That’s when you can expect the price to reach a real bottom and transition to sustainable growth, Cowen believes.
As an additional argument, he pointed out that the duration of the bear market has historically been about a year. The 2014 cycle lasted 14 months, 2018 – 12.
In another video regarding the forecast for further declines in Bitcoin, Cowan referred to the Puell Multiple indicator to determine the bottom. In previous cycles, the value of the metric at the minimum was about 0.3. This year, the indicator has so far only fallen to 0.375.
#Bitcoin On-Chain Analysis: Puell Multiple (Identifying Macro Bottoms)https://t.co/vKD5aIFtq1
— Benjamin Cowen (@intocryptoverse) November 26, 2022
Recall that in early May, Cowen singled out Ethereum, Cardano, Avalanche and Polkadot as promising altcoins in the current phase of the market. He also stated that he did not invest in the failed Terra project.
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