Sunday, October 2

Benjamin Cowen: Why has Bitcoin already bottomed out?

Benjamin Cowen, cripto analista, has indicated in his Youtube channel than the price of Bitcoin It has already hit rock bottom and found a floor. Although many investors suggest that the downtrend is still present, according to Daily Hodl.

Cowen indicated that the price of Bitcoin in non-US dollar assets sometimes it can be revealing.

Rather than looking at Bitcoin in US dollar terms, the analyst looks at BTC traded on the Stock market using the S&P 500. According to Cowen, Bitcoin has already reached a critical support when paired with the S&P 500.

“But if you look at Bitcoin divided by the stock market, we are actually testing those levels. In fact, we are already testing the levels we tested in September. So some people are sitting here waiting to say Okay, we have to get back to this level, and you might be right. It is certainly possible to go back to 40,000. It is certainly possible to go back to $ 42,000, ”Cowen said.

“Everything is possible with investment in general. All models are wrong. Some are useful, I have no idea what will happen tomorrow. Bitcoin could hit $ 40,000 tomorrow and it could hit $ 55,000 tomorrow. What’s interesting about this analysis is that we are actually testing the levels we had in September, “Cowen said.

Cowen points out that when the stock market is divided by the money supply M2, It seems operate laterally rather than in a straight upward line. Using the same principle, the analyst says that Bitcoin would be seen as undervalued and due to another uptrend.

“With all this money printing and inflation, and the idea that maybe stocks are not necessarily worth more because they are more fundamental but maybe the US dollar is worth less, could this be a measure of some kind of inflation and how can we then such ever relate it to Bitcoin? And say … based on this, Bitcoin is testing where we were in September. “

Bitcoin is trading at $ 47,000 and the Ei indicators are mixed.

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