Analyst Benjamin Cowen says the idea of Bitcoin crashing to $ 10,000 is a pipe dream for the BTC bears.
In one Strategy meeting New, Cowen says that Bitcoin has consistently hit lower highs and lower lows until it spiked and broke out of the trend earlier this month.
According to him, the crypto king has officially broken out of the downward trend and is giving “signs of life” and bears hoping for a massive price crash may have to rethink.
“Now BTC has broken out of the downward trend. So it actually shows some signs of life. Very bears are asking for $ 10,000 in BTC and other prizes. I don’t think the price will go back to $ 10,000.
I mean there is always room for correction but $ 10,000 bitcoin is just a pipe dream, it will never happen at this point. Some of you might be asking, ‘Oh who’s thinking that?’ Believe me, there are many bears who think that way. Many of them even ask for less than $ 10,000. “
Cowen said $ 10,000 is much lower than the long-term logarithmic retracement band he is tracking and has never seen it broken except briefly during the March 2020 sell-off caused by Covid-19.
BTC price and long-term log regression band. Source: Benjamin Cowen
In July, Guggenheim Partners founder Scott Minerd predicted that Bitcoin would crash below $ 30,000 and eventually hit $ 15,000.
“With every major Bitcoin bull run there is a crash of 80%. If history repeats itself, that would bring us back to close to $ 15,000. “
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According to Dailyhodl