Cryptocurrency Expert Benjamin Cowen Predicts Bitcoin May Encounter Another Dip
Introduction
Cryptocurrency expert Benjamin Cowen suggests that Bitcoin (BTC/USD) may encounter one more dip before it embarks on its next significant bull market. Cowen’s forecast, which he shared on his YouTube channel over the weekend, hinges on the timing of this potential low.
The Timing of the Potential Low
Cowen explains that the timing of the potential low could lead to different outcomes:
- If it occurs by February 2024 or if it doesn’t occur until February 2024, then it could correspond to a double bottom.
- If it occurs before February 2024, then it could correspond to a lower low.
- If it occurs after February 2024, then it could correspond to a higher low.
Future of Digital Assets Conference
This perspective comes just weeks ahead of Benzinga’s Future of Digital Assets conference, scheduled for November 14. The event, which brings together industry leaders and enthusiasts, will likely touch upon such predictions and trends, providing insights into the evolving digital asset landscape.
Logarithmic Progression
Cowen emphasizes the concept of logarithmic progression, explaining that assets typically witness more significant exponential gains earlier in their history. As an asset matures and its market cap swells, propelling its price becomes increasingly challenging.
Recurring Pattern
Drawing attention to a recurring pattern, Cowen notes, “So you have a low, which is sort of set at one regression band, and then you have a higher low, but (on) a lower regression band. Now keep that in mind because you’re going to see this pattern emerge every single time.”
Current Cryptocurrency Market
Major cryptocurrencies, including Bitcoin, Ethereum (ETH/USD), Shiba Inu (SHIB/USD), Dogecoin (DOGE/USD), Toncoin (TON/USD), and Stellar (XLM/USD) are trading with minor losses in Sunday morning trade.
Conclusion
Benjamin Cowen’s prediction of another potential dip in Bitcoin’s price before its next bull market provides valuable insights for cryptocurrency enthusiasts. Stay tuned for more updates on the evolving digital asset landscape.
