Cryptocurrency analyst and YouTuber Benjamin Cowen has stated that Bitcoin could potentially test the $60,000 level again this year. Cowen believes that this potential pullback could trigger a new bull market. He predicts that the final bottom of the current market cycle will occur in October next year.
Cowen pointed out that Bitcoin's current price movement bears significant similarities to past market cycles. According to the analyst, Bitcoin's peak in this cycle occurred approximately 1,162 days after the previous low. Cowen mentioned that in the previous two major cycles, this period was 1,059 days and 1,168 days, indicating that the current pattern is quite consistent with historical data.
Additionally, Cowen noted that the current market outlook is quite similar to the bear market lows that occurred during U.S. midterm election years. He recalled Bitcoin's strong rebounds after severe pullbacks in 2014, 2018, and 2022. Therefore, he believes that the current pullback may create significant opportunities for long-term investors.
Since reaching an all-time high of $126,080 last October, Bitcoin has dropped about 40%. Recent global macroeconomic pressures, uncertainties in interest rate policies, and selling pressure on risk assets have all negatively impacted the cryptocurrency market.
Despite this, Cowen remains optimistic about Bitcoin's long-term prospects. He pointed out that if Bitcoin establishes strong support around the $60,000 mark, a new bull market could follow. Market participants are currently closely monitoring macroeconomic dynamics and ETF flows in the coming months.
*The above content does not constitute investment advice.