Benjamin Cowen Says Crypto May Fall Once More in Third Quarter, Bottom in November
JH Kim
Summary
- Benjamin Cowen said the cryptocurrency market has not yet reached a bottom.
- He said cryptocurrencies are currently 62% undervalued relative to fair value, but may see one more decline in the third quarter.
- He said a bear market could emerge within the next two to three weeks, after which the market would form a bottom around November and begin a new bull cycle.
Forecast Trend Report by Period
Cryptocurrency analyst Benjamin Cowen said the digital-asset market has yet to reach a bottom.
BeInCrypto reported on Aug. 3 that cryptocurrencies are currently 62% undervalued relative to fair value, but may face one more decline in the third quarter due to seasonal factors and rising Treasury yields.
Cowen also said another bear market phase could emerge within the next two to three weeks. He expects the market to form a bottom around November, followed by the start of a new bull cycle.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.