It has been just revealed the fact that Bitcoin could be mirroring a 2015 bear market soon. Check out the latest reports about the prediction below.
Bitcoin price prediction is out
According to a highly regarded crypto strategist, Bitcoin (BTC) may be repeating its 2015 pattern when it experienced a significant decline following a substantial surge.
In a recent strategy session, Benjamin Cowen, an analyst with a following of 787,000 on YouTube, notes that BTC’s robust rally earlier this year bears a resemblance to its price movement in 2015.
Back then, Bitcoin’s value doubled within a few months after rising from a low of approximately $150 to surpass $300.
Says Cowen,
“[In 2015, it] was a 2x rally and then a 50% drop. Today it’s a 2x rally, not a 3x to 4x rally like we saw in 2019. It’s more of a 2x rally.
In terms of the magnitude of the rally, it’s more similar to 2015.”
Cowen has given a warning that Bitcoin could undergo a 50% devaluation if it repeats the same pattern as its 2015 bear market.
The prediction is based on the idea that after experiencing a significant 2x increase in value, Bitcoin will likely drop again and hit a double bottom.
Cowen suggests that if Bitcoin breaks $24,800 and there is no bid, it could lead to a similar scenario as in 2015, where there was no bid until it hit the prior low.
This resulted in a 50% decrease in value. If Bitcoin drops 50% from its current high of $31,000, it will be at a double bottom.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $25,961.
Other BTC predictions
In an interview with crypto trader Scott Melker, the CEO of eToro, Yoni Assia, shares his belief that Bitcoin (BTC) will exceed $100,000 in value despite its recent price decline.
Assia predicts that BTC will begin to gain bullish momentum toward the end of the year and will ultimately reach a new all-time high by the end of 2024.
Check out our previous article in order to learn more details about this.
