Crypto analyst Benjamin Cowen believes Bitcoin (BTC) will face one other important leg down.
In a brand new video, Cowen challenges the favored comparability between Bitcoin’s present value motion and its March restoration patterns, suggesting a extra bearish parallel to 2022.
“You would argue that we’re extra like proper right here quite than in March… Bitcoin didn’t return as much as the 21-week EMA… we simply had one other drop down.”
That historic analogy underpins Cowen’s broader concern.
“I feel the following leg decrease could be lots before lots of people assume.”
Cowen additionally pushes again on the assumption that the $60,000 stage will act as agency help.
Whereas some merchants level to the weekly RSI (Relative Energy Index), a momentum indicator that measures whether or not an asset is overbought or oversold as proof a backside could also be close to, Cowen argues that sign is incomplete.
“It seems to be prefer it’s close to the lows by way of the weekly RSI… however I can discover a straightforward counter indicator to that… there’s nonetheless an enormous drop right here probably.”
He additionally cites metrics just like the MVRV Z-score – which measures how far Bitcoin’s market worth deviates from its realized (on-chain value foundation) worth – and realized value ranges, which symbolize the common value at which all cash final moved, noting these haven’t but reached typical bear market backside zones.
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