A widely followed crypto analyst says that investors likely can’t expect Bitcoin (BTC) to spark a rally for at least a few more months.
In a new video update, crypto strategist Benjamin Cowen tells his 802,000 YouTube subscribers that based on history, the crypto king could be in a downtrend until September or October before breaking out to the upside.
Looking at BTC’s 2019 chart, Cowen notes that it took Bitcoin 202 days to break out of a similar downtrend, a pattern that could form this time around as well.
“If you actually look at the time range on this from [the 2019] top that set from when Bitcoin topped [to] when it actually broke out of [the] channel, excluding the pandemic crash, it took about 202 days, it was quite a while.”
Cowen goes on to say that since the top crypto asset by market cap has been in a downtrend for 114 days already, its breakout date would be about 90 days later or sometime in October. However, he notes there’s a chance it won’t play out exactly like 2019.
“If you look at where Bitcoin is right now and how long it has been in this channel so far, it’s been about 114 days or 115 days. 202 days would actually put you all the way out in October…
It’s kind of interesting to think about in terms of where we are, so in the short term, there is a chance that this trend line might become important. That doesn’t mean it’s going to play out exactly like 2019. We’ve already tagged [the trendline] three times.
In 2019, we had a similar channel, I think we tagged it three or four times before we ended up breaking out above it, so it’s just something to keep in the back of your mind.”
Bitcoin is trading for $55,662 at time of writing, a 3.49% decrease during the last 24 hours.
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