9
Renowned cryptocurrency strategist Benjamin Cowen has warned investors about the recent Bitcoin rallies. Pointing to similarities with past cycles, Cowen argued that the market surge might be a temporary rebound within a bear market, rather than a sustained bull season.
Cowen stated that he continues to view the market through “bear glasses,” adding that short-term rallies should not mislead investors. According to the analyst, Bitcoin’s current price movements show strong similarities to the bear market rallies of 2014, 2018, and 2019.
Cowen reminded that Bitcoin typically sees lows in February and April/May, followed by rallies lasting several months. He stated that Bitcoin approaches or surpasses the 200-day moving average, but in the past, these levels have often resulted in “rejection.” Cowen reiterated his prediction that a true bottom will only be seen in the last quarter of the year, particularly around October.
The analyst also painted a pessimistic picture for altcoin investors, stating that Bitcoin dominance continues to increase and altcoins continue to lose value against Bitcoin.
*This is not investment advice.
cryptoslate.com
u.today
