The crypto market saw numerous corrections these days, and the price of Bitcoin managed to drag the altcoins down as well.
Despite all this, there are all kinds of optimistic predictions about the price of the king coin these days. Check out the latest one that’s been revealed by crypto analyst Benjamin Cowen.
In a new strategy session, he said that Bitcoin has fallen below the bull market support band, which is notable because altcoins also tend to fall in price against BTC when this occurs.
“The problem is when we’re down here [current low] and have shakeouts, is that altcoins never quite recover to where they were before Bitcoin had its previous shakeout.”
He continued and said:
“When Bitcoin’s above the 20-week moving average, like over here [late 2020 into early 2021], in these phases we know that altcoins can quickly recover and then they can quickly go new all-time highs.”
Realistic BTC predictions
It’s also worth noting the fact that he believes that predictions of an epic price collapse are unlikely.
“Do I think we’re going back to $10,000 and spend a couple [of] years hanging out between $10,000 and $15,000? I do not. But I also don’t see us having a parabolic rally next week that’s going to take us to $100,000..”
He wants to keep people thinking realistically:
“I just want to be realistic and keep people down to earth with realistic expectations and not just constantly expect these crazy rallies that everyone keeps predicting.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $48,353.
The other day, we were addressing that Raoul Pal says that we are witnessing a shift from retail to institutional.
The next phase is the shift from retail to institutional. It’s been building all year but 2022 is the year I think the BIG herd arrives.
However, I am not a guru! Good luck and gn!
— Raoul Pal (@RaoulGMI) December 14, 2021
Stay tuned for more news.