Here’s a Realistic Scenario for Bitcoin Before Next Bull Market, According to Analyst Benjamin Cowen
Popular crypto analyst Benjamin Cowen is unveiling his outlook on what happens to Bitcoin (BTC) before the next bull market fully kicks off.
In a new strategy session, Cowen says he sees BTC going slightly higher than its current value and consolidating above the $30,000 range before a sizeable corrective move.
The crypto strategist also predicts that BTC will likely create a bullish higher low setup near $20,000 before rebounding.
“I suppose that the more optimistic scenario would be that if this is sort of like a deviation to the downside [BTC at $16,000], maybe see this deviation to the upside [BTC at $30,000] for a while. It stays around here [$30,000] and then comes back in, puts in a higher low and then rallies on up.
That would sort of be the more optimistic scenario. You might say, ‘Well how is that the more optimistic scenario?’ This is more what I would consider realistic. Even in 2015 you had two false breakouts. In 2019, we ended up coming back into a slightly higher low. So I don’t know why we should assume this time is going to be any different in that regard.”
Cowen also comments on recent theories of imminent US dollar hyperinflation that will likely propel risk assets like Bitcoin and crypto into new parabolic rallies. The analyst says that a more likely scenario is actually deflation triggered by a recession.
I know there are some theories out there going around that we’re going to have hyperinflation and this sort of stuff, and that it’s going to lead to the rapid price movement of BTC/USD to the upside.
But I think what’s more likely than hyperinflation would actually be rapid disinflation via a recession. I think that’s a more likely scenario based on a lot of the forward indicators that you can look at with regards to the macro.”
At time of writing, Bitcoin is worth $27,609.
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