Benjamin Cowen, a closely followed analyst in the cryptocurrency market, examined Bitcoin’s price movements in his latest market analysis.
The analyst notes that Bitcoin is once again following the well-known four-year market cycle. At this point, Cowen advises investors not to disregard the historical four-year cycle, arguing that every market goes through phases of upswing, fear, correction, and recovery, and Bitcoin is no different.
In this context, Cowen notes that Bitcoin is following a pattern similar to the 2018 bear market. The analyst states that in both cycles, Bitcoin hit a local bottom in February, followed by a brief recovery.
The analyst notes that both cycles saw a drop to a new point in June, pointing out that BTC’s 2018 bear market recovered in July. At this point, Cowen states that this bear market for BTC is full of similarities and expects it to continue recovering this July.
Despite this positive sentiment, the analyst believes that Bitcoin and the overall crypto market may experience another pullback, possibly between August and October, before finding its ultimate bottom.
*This is not investment advice.
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