Analyst Benjamin Cowen Updates Outlook for Bitcoin, Outlines Best-Case Scenario for BTC This Quarter – Coin-News24.com

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A broadly adopted crypto analyst is assessing the place Bitcoin (BTC) stands midway via the primary quarter of 2022 in addition to when crypto traders may anticipate to see a rally for altcoins.

In a brand new technique session, Benjamin Cowen tells his 712,000 YouTube subscribers that whereas he’s not significantly bullish on Bitcoin within the brief time period, he’s limiting his evaluation to Q1 solely and never looking forward to the remainder of the 12 months.

“My basic outlook for Q1 is bearish for Bitcoin, or impartial at greatest.

The perfect-case state of affairs I can think about could be Bitcoin closing Q1 at across the place that it opened, so round $46,000.

I’m not speaking about Q3 or Q2 or This fall, I’m speaking about Q1.”

Cowen explains how he manages danger in an setting the place a number of macroeconomic components affect the crypto markets, together with the altcoin markets.

“I see quantitative tightening, we see lots of macroeconomic uncertainty, we see the greenback nonetheless above its personal bull market help band.

We see Bitcoin beneath its bull market help band. I can not have a look at these circumstances and say that it’s the very best state of affairs for altcoins. And the explanation I say that’s not to make you’re feeling dangerous, however I’ve to be trustworthy and say look, that is simply the way in which it’s.

Proper now altcoins are very fragile when Bitcoin’s beneath the bull market help band, doubtlessly due to all this financial uncertainty, and in addition the Nasdaq and the inventory market. The S&P has been promoting off just lately.”

Cowen goes on to clarify what he thinks the best state of affairs is for altcoins in relation to BTC.

“Altcoins do the very best when Bitcoin goes sideways above its bull market help band, like [in May and September] of 2020 or in early 2021 or in later 2021.”

Supply: Benjamin Cowen/YouTube

The chart guru concludes his evaluation by discussing whether or not there’ll even be an altseason within the coming months. Cowen mentions that many altcoins didn’t rise at the side of Bitcoin’s current $10,000 rally.

“If Bitcoin have been to drop one other 10% or 20%, then the altcoin valuations in opposition to the US greenback would probably take out their prior lows [from] again when Bitcoin was at $33,000.

The explanation it’s vital to consider that’s… if you happen to’re trying to allocate capital into cryptocurrency… you need to take into account the potential state of affairs the place Bitcoin stays beneath its bull market help band.

If it does, then we’re not more likely to see an altseason instantly.”

Cowen provides that if BTC does expertise a best-case state of affairs and surpasses the bull market help band,

“If that occurs, you’ll nonetheless have loads of time to purchase altcoins when the market isn’t as fragile.”

At time of writing, Bitcoin is down by 7.77%, buying and selling for $40,492.

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