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According to Benjamin Cowan, the first cryptocurrency will return to growth in June of this year.
What happened? Crypto analyst and trader Benjamin Cowan predicted an increase in the price of bitcoin from June 2022 to $ 40,000-$ 42,000. He explained this assumption by the fact that bitcoin follows the structure of the market since 2018. According to him, in January 2018, the asset showed higher lows in the range of $ 9,000 to $ 11,000. Cowan notes that bitcoin eventually crashed and set a new low around $5,800.
What else does a cryptanalyst say? According to Cowan, from January to May 2022, BTC reached several high lows in the range of $30,000 to $39,000 and then adjusted to $26,000. The crypto trader added that if BTC really follows the fractal, then bitcoin can expect a strong rally.
Cowan notes that if the current 200-day moving average is hypothetically extended to mid-June, it would probably be somewhere between $40,000 and $42,000. On May 24, 17:30 Moscow time, BTC is traded at $ 28,862, according to Binance.
What events have happened before? At the end of April, Cowan said that the price of bitcoin could reach the lower limit. In this regard, he noted the high risk of investing in altcoins. The trader stressed that the dominance of bitcoin (the ratio between the market value of the first cryptocurrency and the rest of the cryptocurrency markets) is at the same level as in 2018, when there was a large-scale collapse of the crypto market.
In mid-May, Cowan warned that bitcoin would be traded without a clear direction in the coming months. In his opinion, the asset will survive “rather turbulent months” as the US Federal Reserve (FRS) intensifies efforts to combat inflation, including raising interest rates.
According to cryptocurrency analyst Justin Bennett, bitcoin probably hit a local bottom after it managed to regain a key support level. He spoke about a possible increase in the price of BTC, which “will exceed all expectations.”
The most negative forecasts regarding the change in the price of bitcoin can be found in the article GetBlock Magazine.
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