Widely followed cryptocurrency analyst Benjamin Cowen offers his outlook on when Bitcoin (BTC) could bottom out as the leading digital asset hovers around $63,000. ing.
In a new video update, Cowen tells the 801,000 subscribers of his YouTube channel that the current price trend of Bitcoin is ahead of the 2020 halving, which occurred eight years ago when the crypto tycoon He said it is similar to what happened after the second halving event.
“It seems to me that it mimics 2016 much more than the other two cycles, which makes sense in a way. I mean, a lot of people who have been following Bitcoin for a while, We're comparing this cycle more to the 2016 cycle than the 2020 cycle.”
Based on return on investment (ROI) metrics after Bitcoin's halving, the flagship crypto asset could reach the bottom of its cycle in the coming weeks, Cowen said. Bitcoin ROI indicator after halving is the ratio of the current price to his BTC price at the time of the halving. The most recent halving, which halves miners' rewards every four years, took place on April 19th.
“If we look at 2016, which might be a good comparison, we see that Bitcoin did not sustainably exceed an ROI of 1 until about three and a half months after the halving.
And I don't know if it's going to play out that way, but I can see it being more evidence of a summer low. Looking at Bitcoin's ROI as a measure from the halving and comparing it to the 2016 cycle could provide more evidence of the summer lows. ”
At the time of writing, Bitcoin is trading at $62,798, with a slight increase over the past 24 hours.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me XFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
