Benjamin Cowen believes the primary cryptocurrency has departed its decline and is beginning to show signs of resuming its upward path.
Bears should not expect $ 10,000 bitcoin, according to crypto analyst Benjamin Cowen. Cowan attributed the first cryptocurrency comeback to $ 50,000 to the end of a slump. According to the analyst, bitcoin has already began to display “signs of life” that point to the coin’s return to an upward trend.
“We are no longer in the downturn. Bitcoin has already begun to display “life signs.” Many “bears” are looking for a drop to $ 10,000 or lower. “I don’t think we’ll get back to this point,” Cowen explained.
According to the expert, the long-term growth of bitcoin is indicated by the asset of the logarithmic regression model following. He only broke it once, in March 2020, after a panic sale when the first cryptocurrency fell to $ 4,000.
The logarithmic regression model takes into account not just the impact of bitcoin on altcoins and the whole sector, but also the inverse link and support that alternative coins and the digital asset market provide to bitcoin.
On the evening of October 5, the bitcoin rate was close to $50,000. The first cryptocurrency is currently trading at $ 49.5 thousand , Bitcoin price has grown by 3% in the last 24 hours. The week’s growth rate was 17%.
The architect of the Stock-to-Flow (S2 ° F) model, PlanB analyst, revealed at the end of September that the price of bitcoin might drop to $ 30 thousand by the end of the year. This will happen, according to the analyst, if the price of the first cryptocurrency moves according to a temporary model. According to PlanB, the bitcoin rate will approach $100,000 by the end of the year after the Stock-to-Flow strategy is implemented.
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