Closely followed crypto analyst Benjamin Cowen predicts that Bitcoin price will see one last steep correction before the rally. According to their analysis, BTC will test the double bottom formation before the halving.
Benjamin Cowen maps the next Bitcoin bull
Crypto analyst says Bitcoin will see another big decline before entering a new bull cycle. Looking at logarithmic advances, Cowen predicts that depending on the timing, the decline could form a double bottom formation, HH or HL formation. According to what they said in the YouTube broadcast:
I suspect that in the previous pre-halving years, there would have been a decline into these fake and sad markets that everyone was worried about because they didn’t have the energy to start a real bull market. But now the situation seems different and it is difficult to determine what will happen in the future. If there is to be a double bottom, it will happen by February 2024 at the earliest.
So, if it happens by February 2024 or not, then a double dip could occur. If it happens sooner, we could see a lower bottom. However, if it happens after that, there may be a bigger decline. It all depends on when it happens.
Logarithmic bands track an attempt to predict the price of a coin over time by basing themselves on previous highs or lows. According to Cowen, in each bear market the price of BTC tends to reach a bottom one band lower than in the previous cycle. Therefore, the analyst does not rule out the possibility of a final correction before the bull:
Logarithmic progression assumes that more exponential gains occurred earlier in the history of the asset in question. The earlier the asset, the more likely it is to achieve these exponential gains. As you move out it becomes increasingly difficult to move the price because the market cap is much higher.
So you have a low that’s kind of set in a regression band, and then you have a higher low, but in a lower regression band. Now keep this in mind because you will see this pattern emerge every time.
“Bitcoin halving will not be positive for Ethereum”
Cowen then evaluated how the April 2024 Bitcoin halving cycle could affect the Ethereum (ETH) price. Before the Bitcoin Halving event in May 2020, ETH price failed to gain momentum. Therefore, Cowen suggests that the second half of the year before the halving will likely not be positive for Ethereum. The analyst predicted that the overall trend should be downside leading up to the event. However, the cryptocurrency is likely to see some upside over time.
As we reported as Kriptokoin.com, Etehreum founder Vitalik Buterin’s X account was hacked today.
At what level will the ETH price close 2023?
The analyst predicts that ETH will close 2023 below the annual opening of $1,195. According to his prediction, ETH price will probably be below $1,400 by the end of October 2023. This means that the cryptocurrency will remain at more or less the same level until the Bitcoin Halving. Despite high volatility, since the last quarter of 2021 Ethereum has mostly maintained its share of just under 20% of total crypto market capitalization.
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