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- Renowned crypto analyst, Benjamin Cowen, predicts a potential bottoming out of Bitcoin (BTC) as it currently hovers around $63,000.
- Cowen’s analysis suggests that Bitcoin’s current price action mirrors the aftermath of its second halving event in 2016, rather than the 2020 halving.
- Based on the Bitcoin Return on Investment (ROI) After Halving metric, Cowen suggests that Bitcoin could hit the cycle bottom in the coming weeks.
Benjamin Cowen, a popular crypto analyst, provides insights into Bitcoin’s potential bottoming out, drawing parallels with the 2016 halving event.
Bitcoin’s Current Price Action Resembles 2016 Halving
Benjamin Cowen, a widely followed crypto analyst, tells his 801,000 YouTube subscribers that Bitcoin’s current price action is more reminiscent of the aftermath of the second halving event eight years ago, rather than the 2020 halving. “It looks to me like it’s mimicking 2016 a lot more than the other two cycles, which kind of makes sense. I mean a lot of people who’ve been following Bitcoin for a while have been comparing this cycle more so to the 2016 cycle than the one in 2020,” Cowen stated.
Potential Bottoming Out Based on Bitcoin ROI After Halving
According to Cowen, the Bitcoin Return on Investment (ROI) After Halving metric could indicate a potential cycle bottom for Bitcoin in the coming weeks. This metric is the ratio of the current price relative to the price of BTC at the time of halving. The latest halving, which reduces miners’ rewards by half every four years, occurred on April 19th. Cowen noted, “If you look at 2016, which might be relevant to compare to, you can see that Bitcoin didn’t durably get back above an ROI of one until about three and a half months after the halving. And I don’t know if it’s going to play out like that or not, but you can see that that would be more evidence of a summer low.”
Bitcoin’s Current Trading Price
As of the time of writing, Bitcoin is trading for $62,798, marking a fractional increase during the last 24 hours.
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Conclusion
While the crypto market remains unpredictable, Benjamin Cowen’s analysis provides a potential outlook for Bitcoin’s price action. Drawing parallels with the 2016 halving event, Cowen suggests that Bitcoin could potentially hit the cycle bottom in the coming weeks. However, investors are advised to conduct their due diligence before making any investment decisions.
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