$10,000 Bitcoin Is a Pipe Dream for Bears, Says Crypto Analyst Benjamin Cowen – Here’s Why

Intently adopted crypto analyst Benjamin Cowen says the concept of Bitcoin collapsing all the best way right down to $10,000 is a pipe dream for BTC bears.

In a new technique session, Cowen tells his 557,000 subscribers that Bitcoin was persistently placing in decrease highs and lows, up till its latest spike out of the pattern originally of this month.

 

In accordance with Cowen, the king crypto has formally damaged out of the downtrend and is “exhibiting indicators of life,” and he says bears hoping for excessive worth plunges could must assume twice.

“Now, we’ve damaged out of that sample, of that downtrend that we had been in. So Bitcoin is in reality exhibiting that there are some indicators of life. A whole lot of bears are calling for $10,000 Bitcoin and whatnot. I don’t assume we’re going to return to $10,000.

I imply sure, there’s at all times extra room for draw back, however I feel $10,000 Bitcoin are simply pipe desires, I don’t they’re ever going to occur at this level. A few of you’re most likely like, ‘Nicely, who thinks that?’ Consider me, there are a lot of bears that assume that. A whole lot of them are calling for even decrease costs than $10,000.”

Cowen says $10,000 is nicely under a long-term logarithmic regression band he has his eye on that has by no means been breached, besides for very briefly through the Covid-19 induced sell-off throughout March 2020.

In July, famend investor and Guggenheim Companions founder Scott Minerd predicted that Bitcoin would collapse by the $30,000 degree and finally attain $15,000.

“Each main run-up in Bitcoin, there was about an 80% crash. Now, that might make a lot of sense in a lot of the way as a result of that might convey us again into the neighborhood of $15,000.

I’ve been saying between $20,000 and $30,000. The actual backside if you take a look at the technicals is $10,000, and you already know that’s form of excessive – I might say $15,000.”



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