Bitcoin’s 4-Year Rhythm Is Still Playing Out, Says Crypto CEO
A countertrend rally that pushed Bitcoin to $82,800 has done little to change one analyst’s bearish outlook — because he says the bounce itself is proof the pattern is repeating. Related Reading: When Bitcoin Gets Ignored, It Tends To Rally The Hardest, Analyst Says What The Charts Are Showing Benjamin Cowen, founder and CEO of Into The Cryptoverse, points to a recurring rejection at the 200-day simple moving average as a key signal. The same thing happened in 2018 and 2022, and both times it came just before the final leg down. Cowen also noted that some countertrend rallies in past cycles ran longer than 20 weeks. The current one clocked in at 16 weeks, which he says undercuts the argument that Bitcoin has already found its floor. The four year cycle for Bitcoin is not dead. Bitcoin topped when it always topped (to within 1 week when measure from low-to-high), so why can’t it bottom near the end of the midterm year, just as it generally has? (1/x) pic.twitter.com/Spoh4s6NRG — Benjami