Popular crypto analysts are planning where to look at the top crypto asset Bitcoin (BTC), which has been following the downtrend in the market over the past few weeks.
In a new strategic session, Benjamin Cowen tells his 659,000 YouTube subscribers that Bitcoin has fallen below the bull market support band. This is because Altcoin also tends to be cheaper than BTC.
“The problem is when we are here [current low] And then there is the shakeout. That is, altcoin will never fully recover to where it was before Bitcoin made its previous shakeout.
If Bitcoin is above the 20-week moving average, as in here [late 2020 into early 2021]In these phases, altcoin has been found to recover quickly and then quickly reach record highs. “
Moving on to Bitcoin itself, Cohen believes that a spectacular price collapse is unlikely.
“Do you think we’re going back to $ 10,000 and spending a couple of dollars? [of] A year hanging between $ 10,000 and $ 15,000? I don’t. But next week, there won’t be a $ 100,000 parabolic rally.
I just want to be realistic and keep people on Earth with realistic expectations. We don’t just always expect these crazy rallies that everyone keeps predicting.
Wait, conservatively, patiently, wait for the rally to come to you. “
Analysts then discuss how the extended market cycle logically includes long-term sideways pricing behavior.
“If we bounce at those levels, I still insist [$30,000 to $60,000] It still looks like it’s back in the summer [we’re in] A long cycle.
In the last cycle there were these long re-accumulation phases [2015-2017].. They weren’t that long, but there was certainly a stage where Bitcoin was more or less sideways over half a year …
In addition, the longer the cycle, the longer the lateral cycle is expected. “
Cohen concludes the analysis by graphing future price movements in Bitcoin, noting that he believes the BTC will reach record highs again by mid-2022.
“What I’m looking for in the future isn’t the bear market that will bring us back to $ 10,000, but I’m looking to move Bitcoin down, sideways, and start turning up.
And whenever that happens, whether it starts to rise at $ 42k or $ 40k, or even if you test the lows from summer. [under $30k]At that point, what I’m looking for is to return to a record high, break it, and eventually go up.
And hopefully, it proves that the extended cycle theory is correct and continues the process. “
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