Cowen revealed to his 778,000 subscribers on YouTube that Bitcoin could begin a bullish reversal at the end of next year, before the Halving event in 2024, as the Federal government may loosen monetary policy.
“My guess again is I think things will slowly start to turn around and go to neutral sometime in 2023.
And then as you get later into 2023, I imagine we’ll start to see some bullish signs as the halving will be inside and getting back to probably a more dovish Fed.”
The Second Longest Bear Market in History
According to Benjamin, this is the second-longest bear market in Bitcoin history. However, Cowen said that it will be Bitcoin’s longest bear market in the next few days if the leading digital asset falls below a two-year low of around $15,476.
“It remains only the second-longest bear market so far because there was one bear market back from November of 2013 to January of 2015 that actually lasted 406 days, meaning in five more days that bear market would have been over.
So if Bitcoin does put in a new low more than five days from now, then it would actually be the longest bear market that we’ve ever had in Bitcoin’s history.
But right now it’s the second-longest bear market if this (~$15,500) is the low.”
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision.
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