A popular crypto analyst, Benjamin Cowen, thinks Bitcoin’s recent price dip is eerily similar to what happened in 2019. He’s looking at how many people are watching crypto YouTube channels, which he says is a good indicator of how interested people are in crypto.
A Drop in Interest
Cowen noticed that the number of people watching crypto YouTube channels has dropped significantly since the 2021 hype. This is similar to what happened in 2019, before Bitcoin rallied again.
“Back in 2021, when everyone was going crazy for crypto, some YouTube channels were getting millions of views a day,” said Cowen. “Now, those same channels are getting less than a million views a day.”
No Retail Mania
However, Cowen points out that this time around, there hasn’t been the same level of excitement from everyday investors, known as “retail investors.” He says that Bitcoin’s recent rally didn’t see the same influx of retail investors that we saw in 2021.
“Bitcoin hit new highs, but we didn’t see the same level of retail interest,” said Cowen. “This makes the 2019 comparison even more likely.”
A Similar Pattern
Cowen says that the percentage increase in Bitcoin’s price from its 2018 low to its 2019 high is very similar to the percentage increase from its 2022 low to its early 2024 high.
“It’s like looking in a mirror,” said Cowen. “We’re seeing a very similar pattern to 2019.”
What’s Next for Bitcoin?
It’s still too early to say for sure what will happen next for Bitcoin. But Cowen’s analysis suggests that a rally like the one we saw in 2019 could be on the horizon.
Disclaimer:
This information is for educational purposes only and should not be considered investment advice. Always do your own research before investing in any cryptocurrency. /p>
