Cryptocurrency analyst Benjamin Cowen says Bitcoin (BTC) is ready to top out in the fourth quarter if history repeats itself.
In a new strategy session, Cowen tells the 917,000 subscribers of the YouTube channel that in previous cycles, Bitcoin has traditionally ended the third quarter of the year, when it was halfway in red before reaching the top in the subsequent quarter.
“Let’s say it unfolds like a historical pattern. In July and August, we go back to the 20-week (simple moving average) SMA in September and repeat how it always repeats.
Based on historic precedent, Cowen says that Bitcoin’s bear market in every cycle traditionally began in the year of the US midterm elections.
A widely followed analyst says where Bitcoin’s top is in this cycle
“After the first cycle from SMA in September (2013), Bitcoin went up around 1,000% to the top of the market cycle. After that, in the cycle, it rose by about 500% after September 2017.
Now, let’s say your 20-week SMA hits around $110,000 here in a few weeks. And let’s assume that after Bitcoin rises first, you get a pullback to that level. Where does it place bitcoin? Well, a 20% rally starting from $110,000 will be $131,000… from there 30% to $143,000, and from there 40% to $154,000. Understood. Well, the last cycle increased by 70%. And it will raise Bitcoin all the way up at $186,000. ”
However, Cowen says it could be “hard” for Crypto King to reach this cycle of $186,000, as Bitcoin records revenues over time.
Bitcoin is trading at $118,542 at the time of writing.
https://www.youtube.com/watch?v=il089bnt-4g
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