Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.) climbing back above $70,000 while Dogecoin spiked 22% and now trades above $0.
Data provided by TradingView shows that Bitcoin climbed its way higher from a daily low of $68,855 in the early morning to hit a high of $71,635 in the afternoon, and has been consolidating above $70,000 since then as bulls look to regroup before making a run at a new all-time high.What type of bull market cycle will it be?
“If you measure #BTC peak-to-peak ROI but from the April 2021 top, instead of November 2021, it shows we are further along in the cycle, and so far things line up well with last cycle, and a potential top in 2024,” he said. This was in contrast to how Bitcoin’s price reacted to interest rate cuts in 2019, which led to “a 6-month bear market, followed by a recession , thus making it a 9-month bear market,” Cowen said.
“My speculation is that the current mania dies down sometime after the halving ,” he concluded. “Then what happens in Q4 will dictate whether this is a normal cycle or left-translated.” The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc.
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