A widely followed crypto analyst believes that Bitcoin (BTC) is gearing up for one last explosive breakout before the current cycle ends.
In a new strategy session, Benjamin Cowen tells his 917,000 YouTube subscribers that the largest digital asset by market cap may surge to a cycle peak in just a few months based on a historic pattern.
“You can see in 2021, Bitcoin moved up in August, and then it kind of found a local top by the end of August, checked in with the bull market support band, and then it went into the market cycle peak.
If you go look at the cycle before that, you’ll see that Bitcoin put in a local top at the end of August, and then it went into the bull market support band in September, before going into its market cycle top.
If you go back to the cycle before that, you’ll notice that Bitcoin went up into late August and then hit the bull market support band in September before going into its market cycle peak.
So if this pattern were to continue, it would suggest that Bitcoin can continue to do well for most of the rest of the month, get a pullback in September to the bull market support band, and then go into whatever the market cycle peak is going to be, potentially in the fourth quarter of the year.”
Cowen also says that a cycle peak may hit in about 50 to 60 days based on the duration of the prior two cycles.
“If you look at the last two cycles and then compare them to this cycle, you can see we’re currently on day 1,006. Last cycle ended on day 1,059. The cycle before that ended on day 1,067, which would suggest potentially still a couple of months. Just keep this in mind as we continue to watch this play out, because so far it’s playing out basically like every prior post-halving year.”
Bitcoin is trading for $120,231 at time of writing, up 1.3% in the last 24 hours.
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