Bitcoin (BTC) might be stuck in a slump for a while longer, according to a popular crypto analyst.
Bitcoin’s History Suggests a Long Downtrend
Benjamin Cowen, a well-known crypto strategist, believes Bitcoin could be in a downtrend until September or October. He’s looking at past trends, specifically 2019, when Bitcoin took 202 days to break out of a similar downtrend.
“Based on how long it took Bitcoin to break out in 2019, we might be looking at a few more months of this downward trend,” Cowen said in a recent video.
October Could Be the Turning Point
Cowen points out that Bitcoin has been in its current downtrend for about 114 days. If history repeats itself, we could see a breakout around October.
“It’s interesting to think about where we are right now,” Cowen said. “While October could be the turning point, we can’t be sure it will play out exactly like 2019.”
Bitcoin’s Current Situation
Bitcoin is currently trading at around $55,662, down about 3.5% in the last 24 hours.
Important Note: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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