Bitcoin BTC/USD could see yet another selloff event as it nears a new bear market bottom, according to the cryptocurrency analyst and popular YouTuber Benjamin Cowan.
What happened: Cowan, who has 770,000 YouTube subscribers, suggested that BTC could capitulate if its one-year return on investment continues to fall. The cryptocurrency analyst predicts that BTC could be heading for a capitulation event if it enters the $13,000-$14,000 price range.
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 yield multiple hits 0.2. If BTC holders capitulate, Cowan believes BTC will see an unexpected and powerful rally once the bottom is reached.
“If we see some kind of capitulation, we would see some kind of strong rally after that because all things considered, that would have been the typical bottom for bitcoin. You go sideways for months with a decline of about 70% and then you finally see the final capitulation. This would be your typical Bitcoin bear market bottom,” he said in a YouTuber video.
price action: Bitcoin is currently trading at $19,278.95, the peak cryptocurrency is down 1.15% in the past 24 hours, according to Benzinga Pro. ether ETH/USD is down 1.97% in the last 24 hours.
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