Bitcoin: Analyst Predicts Correction – Here are his Targets
Benjamin Cowen, a well-known crypto analyst, recently shared his outlook on Bitcoin's future before the next bull market.
According to Cowen, BTC will experience a slight increase in its current value and consolidate above the $30,000 range before undergoing a significant corrective move.
Cowen predicts Bitcoin will establish a bullish higher low near $20,000 before rebounding. He suggests that a deviation to the upside, followed by a higher low and a subsequent rally, is a more realistic and optimistic scenario.
Cowen also comments on recent theories of imminent US dollar hyperinflation that will likely propel risk assets like Bitcoin and other cryptocurrencies into new parabolic rallies.
However, the analyst disagrees with this theory and suggests that a more likely scenario is deflation triggered by a recession. Cowen thinks this scenario is more probable based on several forward indicators pointing to a possible macroeconomic downturn.
He says that even in previous years, such as 2015 and 2019, BTC experienced false breakouts and a slightly higher low before rallying. Therefore, he doesn’t see why this time should be any different.
He adds that there is no need to panic even if BTC drops below its current value, as it is still in the midst of a bull market. Cowen believes a bear market will only occur if BTC falls below its previous all-time high of $20,000.
READ MORE: Bitcoin to Reach $50,000 Faster Than Anticipated – R. Pal
In conclusion, Cowen believes Bitcoin will likely experience a corrective move and establish a higher low before rallying again.
While some believe that US dollar hyperinflation will propel cryptocurrencies into new parabolic rallies, the analyst suggests that deflation triggered by a recession is a more probable scenario.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
