Bitcoin BTC/USD could still see another sell-off event as it approaches a fresh bear market low, according to cryptocurrency analyst and popular YouTuber Benjamin Cowan.
What Happened: Cowan, who has 770,000 YouTube subscribers, suggested that BTC may capitulate if its one-year return on investment continues to drop. The cryptocurrency analyst predicts that BTC may be headed for a capitulation event if it enters the price range between $13,000 to $14,000.
See More: IS IT TOO LATE TO BUY BITCOIN?
Cowan's Thesis: According to the analyst, Bitcoin tends to create a bear market bottom when the one-year return on investment metric reaches 0.2. If BTC holders capitulate, Cowan believes that BTC will experience an unexpected and strong rally as soon as the bottom is in place.
“If we do see some type of capitulation, we would see some type of strong rally after it because, all things considered, this would have been the typical bottom for Bitcoin. You go sideways at about 70% down for months and months, and then eventually you see final capitulation. This would be your typical bear market bottom for Bitcoin,” he said in a YouTuber video.
Price Action: Bitcoin is currently trading at $19,278.95, the apex cryptocurrency is down 1.15% in the last 24 hours, according to Benzinga Pro. Ethereum ETH/USD is down 1.97% in the last 24 hours.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month