Popular cryptocurrency analyst Benjamin Cowen coined the concept of longer Bitcoin price cycles a few years ago. Over time, this idea gained more and more potential, especially after the price of Bitcoin (BTC) did not break through the 60,000 euros. Now the analyst says the model is no longer accurate.
Bitcoin bear market is already here
In a series of tweets Cowen emphasizes that the bear market has been around for a few months and is likely to continue for some time to come. There’s a chance the recent lows could be an important bottom signal, but he doesn’t expect it. Cowen therefore believes that the clear support line of the past year will be broken. He doesn’t say anything on Twitter about what prices we can expect.
IIn the comments under the tweets, it can be read that many followers did not expect that he would be so critical of his own model and that he would get rid of it. Still, many of them appreciate his sincerity.
#Bitcoin Lengthening cycles are dead. Bear market has been here for months and will likely continue to rage on for a while.
Let’s hope this is a macro bottom signal, but I don’t think it is.
— Benjamin Cowen (@intocryptoverse) May 7, 2022
He has done a more extensive analysis on YouTube, which emphasizes the bear market we may be in right now. He also talks about the dollar and the dollar index (DXY), which is about to break out. That means the dollar could see a strong rally, again indicating that the market is not willing to take a lot of risk. Cryptocurrencies remain a risky asset class, so it is obvious that practically all tokens will fall sharply. This is especially true for altcoins, Cowen emphasizes.
Cowen not the only bitcoin analyst to abandon model
The well-known analyst is no longer alone. Some popular analysts, including Willy Woo, are sticking to the idea that bitcoin and other cryptos can be affected by all kinds of weather uptrend will keep. Yet Plan B is also from one of his models got offnamely from his ‘floor model†The anonymous Dutchman emphasizes that it is stock-to-flowmodel is still valid.