Cryptocurrency analyst Benjamin Cowen says that the cycle top for Bitcoin (BTC) may occur within a matter of months based on historical precedent.
In a new interview with Kyle Chasse on his YouTube channel, Cowen says that if Bitcoin follows a similar pattern from prior cycles the flagship crypto asset may reach a local top within the next three months.
“When I think about the cycles, I think about a lot of repetitive behavior. And if you look at like the ROI (return on investment) from the low, this cycle is getting potentially close to the end.
Normally, cycles end in Q4 of the post-halving year. That’s coming up relatively soon. If you look at the last few cycles… it at least stands to reason that we might have a top sometime in the fourth quarter of the year.”
Cowen also says that Bitcoin appears to be repeating a similar pattern that preceded prior cycle tops in 2013, 2017 and 2021.
“When you look at how cycles finish, what normally happens is you get a local top in August, and then a local low in September, and then you go into the market cycle top…
When you look at this cycle, you actually can see that it’s the same thing. You have a high in August, a low in September, and there’s a good chance the low for September is already in. If it’s not, then it could go a little bit lower and then potentially go up into whatever the final top is.”
Lastly, the analyst says that altcoins may start rallying around the time when Bitcoin hits the local cycle top.
“What about altcoins? When are altcoins going to participate? Or are they going to participate? Normally, when you do get an altseason that’s usually a sign that the cycle is over. By the time you get that, it usually means that the Bitcoin bull market is over.”
Bitcoin is trading for $117,686 at time of writing, up 1.6% in the last 24 hours.
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