Here’s when we can get optimistic about crypto markets again, according to analyst Benjamin Cowen
Widely followed crypto analyst Benjamin Cowen says now is probably not the time to expect a full-fledged bull market for Bitcoin (BTC) and crypto.
In a new strategy session, Cowen tells his 785,000 YouTube subscribers that Bitcoin could be at risk of another “summer break.”
Cowen points out that April 2021 and 2022 both marked local peaks and the beginning of multi-month downtrends for BTC.
According to the analyst, if the pattern continues, it will fit his thesis that BTC will not fully exit the bear market until late this year or early next year.
“I would generally argue that there is a good chance that this will be a summer break 2.0, where we come back and get back to these lower levels before finally putting on our rally capes into the half-year. That’s my general expectation. I have made it pretty clear for a long time, that the recovery years are brutal for both sides. Congratulations to those playing both sides, but that’s my general expectation for the rest of this year is that we’ll probably see prices come back down.”
Cowen says that with the US economy at risk of witnessing a recession, the time to be optimistic about crypto is likely to be late 2023 to early 2024 when fears of an economic slowdown are either avoided or drowned out.
“The altcoin market should still bleed against Bitcoin, and by the end of this year, when the recession risk is either averted or it has happened and we come out of it, late this year or early next year, I think it will be time to really get a little more bullish on these markets.”
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