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Cryptocurrency analyst Benjamin Cowen has stated that the current market conditions resemble those of 2022. He suggests that Bitcoin may experience further declines.
The analyst challenged the common belief in an imminent market recovery and drew a comparison to the bearish cycle of 2022:
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“The situation is more akin to 2022. Bitcoin has not returned to the 21-week moving average, and the current movement may simply be another phase of decline. The next downward impulse could occur sooner than many anticipate.”
Several analysts point to the Relative Strength Index (RSI), which may indicate a local bottom has been reached. However, Cowen believes that relying on a single indicator is insufficient for predicting a market reversal.
“According to the RSI on the weekly chart, the price is indeed near the lows. However, there are other indicators that suggest otherwise. Additional declines remain a possibility,” he noted.
At the end of January, Cowen cautioned investors about the potential deterioration of Bitcoin’s market dynamics.
