Cryptocurrency analyst Benjamin Cowen said on his YouTube channel with 705K subscribers that the upside corrections cannot be expected to end overnight, as Bitcoin (BTC) has experienced since hitting an all-time high last November, breaking above the $69,000 levels.
“Based on, you have to assume that every time the Bitcoin bull market closes below the support band, we would realistically wait a few months to get above it… A period of three to six months is usually a realistic timeline of when you have a chance to break above that… About nine "We've been under it for weeks now. We're now in our ninth week, so if we were to draw a realistic time frame to get back to the top, the forecast would be three weeks… And that scenario would actually be the best-case scenario."
The bull market support band is a market indicator derived from the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). The support band is currently hovering between $45,000 and $50,000.
In addition, famous analyst Cowen added that if the US stock markets make a long-term rally, the best scenario for Bitcoin may come true.
“For us to assume that happens, we'll have to see stocks go green for a few weeks. While we like to think that crypto is self-starting and acting independently, that's not true. If we see the Nasdaq and S&P continue to drop, we're confident that Bitcoin (BTC) will likely drop as well. And that drop doesn't mean there's anything wrong with Bitcoin. Fundamentally nothing has changed, but it could just mean that people keep changing to take a little more risk rather than take a risk... It's not just Bitcoin. It's all non-cash valid."
Bitcoin is $38.529.95 at the time of publication and a 24-hour trading volume of $19,146,724.193.