HomeCryptoCrypto Trader Benjamin Cowen Says Bitcoin (BTC) Bears Are Losing Ground: Here Are His Predictions
Crypto Trader Benjamin Cowen Says Bitcoin (BTC) Bears Are Losing Ground: Here Are His Predictions
December 22, 2022
Prominent crypto analyst Benjamin Cowen says Bitcoin (BTC) bears are exhausted as the flagship digital asset hovers around 75% below its all-time high.
Cowen tells his 779,000 YouTube subscribers that based on Bitcoin’s offering in profit-and-loss ratio, the bears are losing momentum as the price of the largest cryptocurrency by market cap continues to fall.
“You can see the bears are losing strength…
I mean, every new down leg, like the first big down, the bears have had a lot of momentum.
Second, still quite a bit of momentum.
Third, some momentum.
Fourth, the momentum is really starting to slow down.
So the bears are slowly losing momentum as we get deeper and deeper into the bear market.
The crypto strategist says what comes after bears lose momentum is the consolidation phase before a bull cycle begins.
“Those early declines, great momentum. They lose momentum as we drop further and eventually the bulls offset the bears, we enter that long accumulation phase…then build for the next cycle.”
According to Cowen, the current bear market mirrors previous bear markets despite the unique challenges the cryptocurrency industry faced in 2022, including the collapse of various companies and the worsening macro environment.
“Despite all that crypto has gone through this year, not just with things like Celsius and FTX and Terra (LUNA) and all that stuff and BlockFi even more recently, and all the FUD [fear, uncertainty, and doubt] going on today, despite even a potential recession coming, despite all of that, so far this is not much different than what we’ve seen in any single bear market.
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