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>>Analyst Benjamin Cowen forecasts that Bitcoin could hit its lowest point in October.

Analyst Benjamin Cowen forecasts that Bitcoin could hit its lowest point in October.

crypthub

about 21 hours ago

Forecast Overview

Analyst Benjamin Cowen expects Bitcoin to test the $60,000 area before reaching its final bottom in the current cycle, likely around October 2024. The cryptocurrency is trading about 40 % below its October 2023 peak of $126,080. A successful retest could signal the end of the bear market.

Historical Cycle Patterns

Cowen compares the present downturn to previous cycles, noting the peak came 1,162 days after the prior low, close to the 1,059‑ and 1,168‑day intervals of the last two cycles. He also links bear market bottoms to U.S. midterm election years—2014, 2018, and 2022—when Bitcoin rallied after a trough. The 2024 midterms may therefore repeat this behavior.

Investor Implications

If the $60,000 support holds, a bounce could launch a new bull market. Traders should watch macro factors such as interest‑rate moves, inflation data, and regulatory news. On‑chain signals—miner capitulation, exchange inflows, and long‑term holder activity—may also hint at a bottom.

Risk Disclaimer

Cowen’s model relies on historical similarity and is not a guarantee. Unexpected economic shifts or policy changes can alter price dynamics. Investors should treat the forecast as one data point among many in their decision‑making.