Bitcoin Price Could Dip Before Next Rally, Expert Says, Highlighting Levels To Watch Out

Cryptocurrency expert Benjamin Cowen suggests that Bitcoin BTC/USD may encounter one more dip before it embarks on its next significant bull market.

Cowen's forecast, which he shared on his YouTube channel over the weekend, hinges on the timing of this potential low, which could lead to a double bottom, a lower low, or a higher low, depending on when it materializes.

Cowen explained, "If it occurs by February 2024 or if it doesn’t occur until February 2024, then it could correspond to a double bottom. If it occurs before, then it could correspond to a lower low. If it occurs after that, then it could correspond to a higher low. It all depends on when it happens.”

This perspective comes just weeks ahead of Benzinga's Future of Digital Assets conference, scheduled for Nov. 14. The event, which brings together industry leaders and enthusiasts, will likely touch upon such predictions and trends, providing insights into the evolving digital asset landscape.

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Cowen emphasized the concept of logarithmic progression, explaining that assets typically witness more significant exponential gains earlier in their history. As an asset matures and its market cap swells, propelling its price becomes increasingly challenging.

Drawing attention to a recurring pattern, the analyst noted, "So you have a low, which is sort of set at one regression band, and then you have a higher low, but (on) a lower regression band. Now keep that in mind because you’re going to see this pattern emerge every single time.”

Major cryptocurrencies, including Bitcoin, Ethereum ETH/USD, Shiba Inu SHIB/USD, Dogecoin DOGE/USD, Toncoin TON/USD and Stellar XLM/USD are trading with minor losses of 0.1%, 0.5%, 2.6%, 2.8%, 3.3%, 0.9% respectively in Sunday morning trade.

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Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event - Future of Digital Assets. Tickets are flying-  get yours! 

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