A widely followed crypto analyst says investors probably can’t expect Bitcoin (BTC) to rally for at least a few more months.
In a new video update, crypto strategist Benjamin Cowen tells According to his 802,000 YouTube subscribers, based on history, the crypto king could be in a downtrend until September or October before breaking out to the upside.
Looking at BTC’s 2019 chart, Cowen notes that it took Bitcoin 202 days to break out of a similar downtrend, a pattern that could form this time as well.
“If you actually look at the time range of this [the 2019] top that set from the moment Bitcoin was at the top [to] when it actually broke out [the] channel, excluding the pandemic crash, it took about 202 days, it was a long time.”
Cowen goes on to say that since the top crypto asset by market cap has been in a downtrend for 114 days, the breakout date would be about 90 days later or sometime in October. However, he notes that there’s a chance things won’t go exactly like 2019.
“If you look at where Bitcoin is now and how long it’s been in this channel so far, it’s been about 114 days or 115 days. With 202 days you would actually be completely gone in October…
It’s quite interesting to think about where we are, so in the near term there’s a chance this trendline could become important. That doesn’t mean it will go exactly like 2019. We’ve already tagged it [the trendline] three times.
We had a similar channel in 2019, I think we tagged it three or four times before we finally got over it, so it’s just something to keep in mind.
Bitcoin is trading at $55,662 at the time of writing, down 3.49% over the past 24 hours.
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