In a recent video update, cryptocurrency analyst Benjamin Cowen suggests that Bitcoin (BTC) may not start rebounding for several months. Cowen points out that historical patterns indicate that BTC may remain in a downward trend until September or October before potentially gaining traction.
Reflecting on the performance in 2019, the analyst emphasizes that it took approximately 202 days for Bitcoin to break out of this downward trend. Given the current 114-day bearish period for the leading cryptocurrency, he speculates that a breakout could occur around June, although he admits that this scenario may not replicate entirely.
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Cowen emphasizes the significance of the current trendline for BTC and highlights similarities to 2019 when BTC repeatedly tested the trendline before ultimately breaking through. The expert advises viewers to consider these historical patterns when evaluating the current market behavior of Bitcoin.
At the time of writing, BTC is trading at $56,819, confirming a decline in today’s price.
