Crypto analyst and YouTuber Benjamin Cowen suggested that Bitcoin could test the $60,000 level again this year. According to Cowen, this potential pullback could be followed by a new bull cycle in the market. The experienced analyst predicts that the final bottom in the current market cycle will occur next October.
Benjamin Cowen pointed out that Bitcoin’s current price movements bear a strong resemblance to past market cycles. According to the analyst, Bitcoin reached its peak in this cycle approximately 1,162 days after the previous low. Cowen noted that in the previous two major cycles, this period was 1,059 and 1,168 days respectively, indicating that the current pattern is quite consistent with historical data.
Cowen also stated that the current market outlook resembles the bear market lows seen during US midterm election years. The analyst recalled that Bitcoin experienced strong recoveries after sharp corrections in 2014, 2018, and 2022. Therefore, he argued that the current pullbacks could create significant opportunities for long-term investors.
Bitcoin has fallen approximately 40% from its all-time high of $126,080 reached in October last year. Recent global macroeconomic pressures, uncertainties surrounding interest rate policies, and selling pressure on risky assets are negatively impacting the cryptocurrency market.
However, Cowen maintains his long-term bullish outlook. According to the analyst, a new bull market could begin if Bitcoin establishes strong support around $60,000. Market participants, meanwhile, continue to closely monitor macroeconomic developments and ETF flows in the coming months.
*This is not investment advice.
