Bitcoin (BTC) will see another major decline before it has a chance to enter a new bull cycle, a top cryptocurrency analyst says.
In a new video update, analyst Benjamin Quinn Tells The highest cryptocurrency asset by market cap is set to fall again before the next bull market begins, his 787,000 YouTube subscribers said.
Looking at the logarithmic progression, Cowen says that depending on timing, the decline could form either a double bottom pattern, a lower bottom, or a higher bottom.
“I suspect that before we have enough juice to start a real bull market and not one of those pathetic fake markets that everyone loses their minds in during the year before the first half, I think we will visit [the lowest] Regression squad.
I think there is a good chance, and depending on when this happens will determine if it is a lower bottom, a double bottom, or a higher bottom. If you want to say double bottom, that means it will happen no later than February of 2024.
So, if it happens by February 2024 or if it doesn’t happen until February 2024, it could correspond to a double bottom. If this happened before, it could correspond to a lower low. If this happens after that, it could correspond to a higher low. “It all depends on when it happens.”
Logarithmic bands attempt to predict the price of an asset over time by identifying previous highs or lows. With different colored bars representing each price range. According to Cowen, during each bear market, Bitcoin’s price tends to fall one band lower than the previous cycle.
“The logarithmic progression assumes that more exponential gains occurred earlier in the history of that asset. The earlier the asset is, the more likely it is to achieve those exponential gains. The further you go, the harder and harder it becomes to move the price because the market cap is much greater.
So you have a low, which is kind of set at one regression range, and then you have a higher low, but [on] Bottom slope range. Now keep that in mind because you will see this pattern appear every time.
Bitcoin is trading at $25,868 at the time of writing, which is a slight increase over the past 24 hours.
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