A closely followed crypto strategist says that Bitcoin (BTC) could be mirroring its 2015 price action when it collapsed after a big surge.
In a new strategy session, analyst Benjamin Cowen tells his 787,000 YouTube subscribers that BTC’s strong rally earlier this year looks reminiscent of its 2015 price movement.
In early 2015, Bitcoin doubled its value in a few months after rallying from a low of about $150 to above $300.
“[In 2015, it] was a 2x rally and then a 50% drop. Today it’s a 2x rally, not a 3x to 4x rally like we saw in 2019. It’s more of a 2x rally.
In terms of the magnitude of the rally, it’s more similar to 2015.”
Source: Benjamin Cowen/YouTube