Crypto analyst and YouTuber Benjamin Cowen has suggested that Bitcoin could test the $60,000 level again this year. Cowen said this potential pullback could be followed by another bullish cycle in the market. Experienced analysts predict that the final bottom of the current market cycle will occur next October.
Benjamin Cowen pointed out that Bitcoin’s current price movements are very similar to past market cycles. According to analysts, Bitcoin reached its highest price in the cycle approximately 1,162 days after its previous low. Cowen pointed out that for the past two major cycles, this period has been 1,059 days and 1,168 days, respectively, showing that the current pattern is perfectly consistent with historical data.
Cowen also said the current market outlook is similar to the bear market lows seen around the US midterm elections. The analyst recalled that Bitcoin experienced sharp corrections followed by strong recoveries in 2014, 2018, and 2022. Therefore, he argued that the current decline could create significant opportunities for long-term investors.
Bitcoin has fallen about 40% from its all-time high of $126,080 in October last year. Recent global macroeconomic pressures, uncertainty surrounding interest rate policy, and selling pressure on risk assets have negatively impacted the cryptocurrency market.
But Cowen remains bullish on the long-term outlook. According to the analyst, a new bull run could begin if Bitcoin establishes strong support around $60,000. Meanwhile, market participants continue to closely monitor macroeconomic developments and ETF flows in the coming months.
*This is not investment advice.
