Cowen To inform His 782,000 YouTube subscribers believed Bitcoin might repeat its early 2020 trajectory.
Bitcoin hit a excessive of $10,500 earlier than plummeting to a low of round $3,800 throughout February-March 2020.
In accordance with Cowen, Bitcoin’s habits in early 2020 is related to the present interval as it’s the just one in its historical past that has by no means skilled a recession or a recession-like state of affairs.
“Wanting again at what occurred in 2020, right here it’s [first quarter of 2020] It was a really brief recession. I nonetheless bear in mind, again right here on this vary, there have been truly lots of people who have been very bullish going into early 2020. The start of a brand new bull market…
It must be famous right here that [Bitcoin falling from $10,500 to $3,800 in early 2020] It occurred throughout the one recession we have skilled with Bitcoin. It was very, very brief. ”
In accordance with Cowen, Bitcoin’s value might fluctuate between $16,000 and $30,000 “for a while” till a transparent path is decided.
“When Bitcoin spends a while on this vary, we will all the time see one thing related. [~$16,000 – $30,000] And finally you will be in hassle. You possibly can wipe out lows, set greater lows, or set decrease lows. ”
Bitcoin is buying and selling at $23,069 on the time of writing.
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