Bitcoin is down 23% from its peak price. Most of this decline occurred last week. 😲 Market analyst Benjamin Cowen observed the Bitcoin bull market support band (BMSB) as a key technical indicator to determine whether Bitcoin will recover later this year. 🧐
Cowen compared historical trends with current trends in 2013, 2016, 2019, and 2023, and specifically examined BTC's relationship with BMSB. In 2023, Bitcoin fell below BMSB in August, remained below that level for several weeks, and rebounded sharply in Q4. However, after falling below this level, the asset continued to decline in Q4 of 2019. 📉
Cowen noted that the cycle peak usually comes in the fourth quarter of the year after the halving, meaning it will be 2025. But he added that it could still go either way. So, it is unclear what will happen in Q4 of 2024 depending on whether BTC breaks above BMSB or not. 🤔
What do you think about this? We are waiting your comments! 💬