Closely followed crypto analyst Benjamin Cowen says the idea of Bitcoin collapsing all the way down to $10,000 is a pipe dream for BTC bears.
In a new strategy session, Cowen tells his 557,000 subscribers that Bitcoin was consistently putting in lower highs and lows, up until its recent spike out of the trend at the beginning of this month.
According to Cowen, the king crypto has officially broken out of the downtrend and is “showing signs of life,” and he says bears hoping for extreme price plunges may have to think twice.
“Now, we’ve broken out of that pattern, of that downtrend that we were in. So Bitcoin is in fact showing that there are some signs of life. A lot of bears are calling for $10,000 Bitcoin and whatnot. I don’t think we’re going to go back to $10,000.
I mean yes, there’s always more room for downside, but I think $10,000 Bitcoin are just pipe dreams, I don’t they’re ever going to happen at this point. Some of you are probably like, ‘Well, who thinks that?’ Believe me, there are a lot of bears that think that. A lot of them are calling for even lower prices than $10,000.”
Cowen says $10,000 is well below a long-term logarithmic regression band he has his eye on that has never been breached, except for very briefly during the Covid-19 induced sell-off during March 2020.
In July, renowned investor and Guggenheim Partners founder Scott Minerd predicted that Bitcoin would collapse through the $30,000 level and eventually reach $15,000.
“Every major run-up in Bitcoin, there has been about an 80% crash. Now, that would make a lot of sense in a lot of ways because that would bring us back into the neighborhood of $15,000.
I’ve been saying between $20,000 and $30,000. The real bottom when you look at the technicals is $10,000, and you know that’s sort of extreme – I would say $15,000.”
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