Benjamin Cowen is confident that the main cryptocurrency has exited the downtrend and began to show signs of a return to an upward movement
Cryptanalyst Benjamin Cowen believes that $ 10,000 bitcoin is a pipe dream for bears. Cowan explained the return of the first cryptocurrency to $ 50,000 by the completion of a downtrend. The analyst claims that bitcoin has already begun to show “signs of life” that indicate the return of the coin to an upward trend.
“We have broken out of the downtrend. Bitcoin has already started showing “signs of life.” Many “bears” are hoping for a decline to $ 10 thousand and below. I don’t think we will return to this mark, ”explained Cowen.
According to the analyst, the growth of bitcoin in the long term is indicated by the following of the asset of the logarithmic regression model. He broke it only once, during a panic sale in March 2020, when the first cryptocurrency dropped to $ 4,000.
The logarithmic regression model considers not only the impact of bitcoin on altcoins and the entire industry as a whole, but also takes into account the inverse relationship and support that alternative coins and the digital asset market provide to the first cryptocurrency.
On the night of October 5, the bitcoin rate was approaching $ 50 thousand. At 10:20 Moscow time, the first cryptocurrency is trading at $ 49.5 thousand. Over the past day, bitcoin has risen in price by 3%. Growth for the week was 17%.
At the end of September, the PlanB analyst, the author of the Stock-to-Flow (S2 ° F) model, admitted that the price of bitcoin by the end of this year could drop to $ 30 thousand. According to the analyst, this will happen if the price of the first cryptocurrency moves according to temporary model. With the implementation of the Stock-to-Flow model, the bitcoin rate at the end of this year will exceed $ 100 thousand, PlanB noted.
– What tokens should be followed. A well-known trader named three options
– The Shiba Inu token has risen in price by 52% per day
– What will happen to the price of bitcoin in the IV quarter. Expert forecasts
#Bitcoin #pipe #dream #analyst #explained #growth #asset #crypto-daily.news