Bitcoin Analyst Predicts Potential Rally by October Based on Historical Trends
08.07.2024 15:15 1min. read Alexander Stefanov
In a recent video update, crypto analyst Benjamin Cowen suggests that Bitcoin (BTC) may not initiate a rally for several months.
Cowen points to historical patterns indicating BTC could remain in a downtrend until September or October before potentially reversing higher.
Reflecting on BTC’s 2019 performance, Cowen highlights that it took approximately 202 days for Bitcoin to break out of a similar downtrend.
Given BTC’s current 114-day downtrend, he speculates a breakout could occur around October, though he acknowledges this scenario may not replicate precisely.
Cowen emphasizes the significance of BTC’s current trendline, noting similarities to 2019 when Bitcoin tested the trendline multiple times before ultimately breaking above it.
He advises viewers to consider these historical patterns while assessing Bitcoin’s current market behavior.
At the time of writing BTC is trading at $56,819, confirming today’s price slump.
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