Analyst Benjamin Cowen’s Historical Precedent Indicates When Bitcoin Could Hit Bottom

Renowned crypto analyst Benjamin Cowen is sharing his insights on when Bitcoin could potentially hit its bottom as the digital asset hovers around $63,000. In a recent video, Cowen suggests that the current price action of Bitcoin resembles that of the second halving event from eight years ago more closely than the one in 2020. He notes that many in the crypto community have been drawing parallels between the current cycle and the 2016 cycle.

Cowen points to the Bitcoin Return on Investment (ROI) After Halving metric as a key indicator for when the flagship cryptocurrency could bottom out. This metric measures the current price of Bitcoin relative to its price at the time of the halving event, which took place on April 19th. By comparing Bitcoin’s ROI after the halving in 2016, Cowen suggests that it took about three and a half months for the digital asset to rise above an ROI of one, indicating a potential summer low for Bitcoin’s price.

As of now, Bitcoin is trading at $62,798, showing a slight increase over the past 24 hours. Cowen’s analysis provides valuable insights for investors and traders looking to make informed decisions in the volatile cryptocurrency market. By examining historical patterns and metrics such as the ROI after halving, Cowen offers a data-driven approach to predicting potential price movements for Bitcoin in the near future.

In conclusion, Cowen’s outlook suggests that Bitcoin could hit its bottom in the coming weeks based on the similarities between the current price action and the 2016 cycle. By considering crucial metrics like the ROI after halving, investors can gain a better understanding of where Bitcoin’s price may be headed next. As the flagship cryptocurrency continues to hover around $63,000, Cowen’s analysis serves as a valuable tool for those looking to navigate the ever-changing landscape of the crypto market.