Will the Current Bear Market See Bitcoin Set a New All Time Low? -Breaking
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© Reuters. The Current Bear Market Will See Bitcoin Reach a New All-Time Low.- Benjamin Cowen is convinced that Altcoins will remain dangerous due to their historical efficiency.
- He believes the Bitcoin price will mirror the 2017 bull run’s trend towards the middle.
- The bearish trend in Bitcoin may not end, but it’s highly unlikely that Bitcoin will reach a new low.
Benjamin Cowen, a crypto analyst is convinced that altcoin investing has become dangerous due to Bitcoin’s historic efficiency.
Cowen shared with his 729,000 YouTube subscribers the value motion of Bitcoin 2018 to hint at the future prospects for altcoins if the benchmark cryptocurrency falls.
Cowen stated that “we need to look at what has happened in the past and say if we put a lower low, what happens? There are changes in the altcoin and Bitcoin markets. The best way to understand that is by looking at Bitcoin dominance (the ration between the market cap of Bitcoin to the rest of the cryptocurrency markets).”
Cowen continues by saying “The dominance right now is at the exact same level as it was in June 2018, the exact same level and then the dominance shot up, what happened in June of 2018? That’s where Bitcoin puts in a lower low.”
Cowen thinks that Bitcoin’s price will follow the same trend as the mid-2018 bull run, which saw its price rise tenfold between $2,000 and $20,000.
You should also consider whether it will still be true in 2017. In 2017, there were not many countries that recognized Bitcoin as legal tender. But, today we are seeing a growing number of countries accepting cryptocurrency as legal and valid means of payment.
Although there is a possibility that Bitcoin will continue to trend bearish, the Bitcoin price has been at the $40,000 level for quite some time. However, this doesn’t mean that BTC is completely off the hook.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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