2 popular crypto analysts shared their views on leading crypto Bitcoin and altcoins. Renowned analyst Benjamin Cowen is examining whether Bitcoin has bottomed out after it has dropped more than 75 percent from its ATH.
Has Bitcoin price reached the bottom zone?
Cowen conveyed his BTC price expectations to his 774 thousand subscribers on his YouTube channel. The leader commented by looking at the trading history of the cryptocurrency. The analyst says Bitcoin could be at the top of a big bottom:
There are a lot of cyclical indicators for Bitcoin that will probably come out very soon, right? We had big bottoms in cryptocurrencies at the beginning of 2015, basically at the end of 2014. But in 2015, we saw serious declines. Then, when we came to the end of 2018, we experienced a big bottom.
The analyst also says that a bottom will be found for BTC in the near future:
We’re looking at another big bottom in Bitcoin, potentially at the end of 2022 or early 2023. This corresponds to a historically large bottom. Ultimately I would argue that this could be the bottom of the market cycle.
Cowen: It took 14 months for BTC to bottom out after 2013
According to the well-known analyst, cryptocurrencies in general are bottoming out after nearly a year of bear market. Cryptocurrency analyst says:
You need not only price-based capitulation, but also time-based capitulation. A time-based capitulation is also needed. It also often looks like a bear market for at least a year in cryptocurrency markets. What happened in 2013 took more than a year. It also took about 14 months to get to the bottom.
According to Cowen, one of the sure signs that could bottom out will be the total market cap of the top 125 cryptos to fall more than 20 percent from current levels:
I think it will depend on how low it goes. If it goes much lower, more than 20 percent correction from here, then I think we can start to make the bottom. If not, then I think we still need to be a little vigilant. I assume it may take some time for this to continue.
Mustache examines BTC price
Cryptocurrency analyst, known by the name Mustache, shared about the BTC price. He stated in a tweet he shared on November 16 that it showed the largest descending wedge formation in history for Bitcoin.
#Bitcoin creates, so far, the largest descending broadening wedge in it's history.
Price has always risen rapidly after that. pic.twitter.com/g9Ldbdpcmb
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 16, 2022
The analyst recalled the similar large descending wedge formations that Bitcoin formed in 2019 and 2020. The analyst said about the formation:
The price always increased rapidly after that.
The chart published by Mustache says that this increase, which he predicts, may occur in the first half of 2023. As a result, Bitcoin is likely to approach its ATH of $69k. In addition, according to the analyst, the BTC price can do this before it settles to $ 40 thousand.
Bitcoin has the potential to be at these levels in 2023
Earlier, the popular analyst said that Bitcoin risks falling to $13,000 if “the bearish triangle is broken to the downside.” He also pointed out that the level must hold near $15,800 to prevent a continuation of the decline. However, Mustache’s latest forecast plays a role in the earlier bullish forecast of 2023. The analyst uses the Wyckoff Method and Network Value Signaling for Transactions (NVTS) in his analysis.
Overall, the analyst has listed similarities between Bitcoin’s 2019 and 2022 technical features, including the successful ABC correction, the RSI, and the similar Stochastic RSI (StochRSI). He states that all this points to a future price increase.
Currently, Bitcoin is currently trading at $16,578. Meanwhile, Tesla CEO and new Twitter owner Elon Musk said that while he is confident that Bitcoin will survive, there will likely be a long winter.
