Popular cryptocurrency analyst Benjamin Cowen said: Bitcoin (BTC) holders should watch out for one signal that could mark the end of an extended bear market for KingCrypt.
In the new video Cowen To tell His 779,000 YouTube subscribers say Bitcoin’s current percentage has fallen from all-time highs and is approaching levels that marked the bottom of the 2018 and 2014 bear markets.
“Bitcoin is in this range where it is down 75% from all-time highs, so it’s kind of in the middle.
If months go by and bitcoin’s drawdown rates from all-time highs actually start to match what we’ve seen in previous bear markets, that at least means things could finally start to change. It’s a sign. ”
Bitcoin has bottomed out after falling more than 80% from all-time highs during the 2014 and 2018 bear markets, according to analyst charts. At the time of writing, BTC has fallen 75.6% from its all-time high last November.
Analysts also note a percentage drawdown in total market capitalization (TMC) from all-time highs. Cowen says the market capitalization of all crypto assets is now down 72% from all-time highs, but that’s down from his TMC’s drawdowns seen in his two previous bear markets. is still a few percent away from
Analysts say the difference in TMC drawdown is that altcoins If history repeats itself, it could drop further.
“In the last cycle, the market cap was down about 87%. The cycle before that, it was down only about 78%, even when it was mostly just Bitcoin.
This discrepancy is 72% to 88% [TMC percentage drawdown from all-time high] compared to 75% to 85% [BTC drawdown from all-time high] It is one of the factors to consider why Bitcoin’s dominance is still on the rise. The fact is that the altcoin market still has considerable base that could easily be given up. “
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