Benjamin Cowen Predicts One More Dip in Bitcoin (BTC) Before the Next Bull Market – Here’s His Projected Timeline

## Top Crypto Analyst Predicts Major Dip in Bitcoin Before Bull Cycle

A leading cryptocurrency analyst has predicted that Bitcoin, the top cryptocurrency asset by market capitalization, will experience one more major dip before kicking off a new bull cycle. The analyst, Benjamin Cowen, discussed this prediction in a video update to his 787,000 YouTube followers, warning that the crypto market should brace for another downturn before a bull market sets in.

Cowen based his prediction on logarithmic progression analysis. Depending on the timing of the dip, he suggested that the trend could take the form of a double bottom pattern, a lower low, or a higher low.

## Logarithmic Analysis and Market Predictions

“I suspect that before we have enough juice to get a real bull market going and not one of these fake pathetic ones that everyone loses their mind over during the pre-halving year, I think that we will visit [the lowest] regression band,” Cowen stated. He further speculated that the timing of this dip would determine whether Bitcoin hits a lower low, a double bottom, or a higher low.

In his analysis, Cowen mentioned that a double bottom would mean the dip should occur no later than February 2024. If the dip happens before that, it could lead to a lower low. Conversely, if the dip occurs after February 2024, it could result in a higher low.

## Understanding Logarithmic Bands

Logarithmic bands are a forecasting tool used to predict the price of an asset over time by basing their analysis on previous highs or lows. These bands come in different colors, each representing a different price range.

Cowen explained that during every bear market, Bitcoin’s price tends to bottom out one band lower than the previous cycle. He elaborated, “Logarithmic progression assumes that more exponential gains occur earlier in that asset’s history. The earlier the asset is, the more likely it can experience those exponential gains. The further you get out, it’s harder and harder to move the price because the market cap is so much greater.”

## Current Bitcoin Trading Price

At the time of writing, Bitcoin was trading for $25,868, marking a slight increase during the last 24 hours.

Investors are advised to exercise caution and conduct due diligence before making any high-risk investments in Bitcoin or any other cryptocurrencies. Investments and trades are at the investor’s risk, and any losses incurred are the investor’s responsibility.

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Original Story at dailyhodl.com – 2023-09-10 07:04:03