Bitcoin New Prediction: One More Low Before A Price Boom

There are a lot of optimistic predictions about the price of Bitcoin, despite the downtrend, which can eventually promote more accumulation. Check out the latest reports about this below.

According to a leading cryptocurrency analyst, Bitcoin (BTC) is expected to experience a significant decline before it can enter a new phase of growth.

In a recent video, analyst Benjamin Cowen shared with his 787,000 YouTube followers that the cryptocurrency with the highest market capitalization will need to experience another setback before the next bullish market phase can begin.

Based on logarithmic progressions, Cowen suggests that the dip could potentially take the form of a double bottom pattern, lower low, or higher low, depending on when it occurs.

“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.”

He continued and pointed out the following:

“I think there’s a good chance, and depending on when that occurs would dictate whether it’s a lower low, a double bottom, or a higher low. If you want to say a double bottom then that would mean occurring no later than February of 2024.

So if it occurs by February 2024 or if it doesn’t occur until February 2024, then it could correspond to a double bottom. If it occurs before, then it could correspond to a lower low. If it occurs after that then it could correspond to a higher low. It all depends on when it happens.”

The use of logarithmic bands helps to predict the price of an asset over time by relying on past highs and lows. Each band is represented by a different color to indicate its price range.

Cowen notes that during bear markets, BTC’s price tends to drop to a lower band than the previous cycle.

Logarithmic progression assumes that assets experience exponential gains earlier in their history. As an asset ages, it becomes more difficult to move its price due to the increase in market cap.

The pattern of a low point being set at one regression band followed by a higher low point on a lower regression band tends to repeat itself consistently. Keep this in mind when analyzing price trends.