Bitcoin ($BTC) Bears Are Exhausted After 75% Drawdown From All-Time High, Analyst Says

Popular cryptocurrency analyst Benjamin Cowen has said that Bitcoin ($BTC) bears are getting exhausted after the price of the flagship cryptocurrency dropped more than 75% from its all-time high above $69,000 seen last year.

In a newly published YouTube video Cowen shared with his nearly 780,000 subscribers on the Google-owned platform, he looked at Bitcoin’s supply in profit and loss ratio to determine that $BTC bears have been steadily losing momentum as the price drops.

As Daily Hodl first reported, Cowen said that in each leg down $BTC bears keep on losing momentum, meaning they are starting to slow down “as we get deeper and deeper into the bear market.” The analyst added that “eventually the bulls sort of offset the bears.”

Once Bitcoin bulls start taking over, he said, the market will enter a “long accumulation phase” before the cryptocurrency’s price starts building out for a new bullish cycle. Per his words, BTC has been mirroring previous bear market cycles, despite the unique challenges the industry has been facing.

Challenges the industry faced this year include various bankruptcies from lenders like Celsius and BlockFi, and the collapse of the Terra ecosystem, as well as cryptocurrency exchange FTX.

Despite these challenges and the significant drawdown for $BTC, various analysts are still bullish on Bitcoin. A fund manager at investment giant VanEck has recently predicted that the price of the flagship cryptocurrency Bitcoin could rally to $30,000 in the second half of 2023 after falling to a low near the $10,000 to $12,000 mark.

Earlier this month billionaire investor Tim Draper, the founder of Draper Associates and one of Silicon Valle’s best-known investors, doubled down on his $250,000 Bitcoin price prediction, saying the cryptocurrency will hit that mark by June of next year.

Draper isn’t the only billionaire bullish on crypto. Billionaire investor Mike Novogratz has revealed that he still believes BTC will trade at $500,000 per coin in the future, but delayed his prediction over the Federal Reserve and other central banks raising interest rates to rein in inflation.

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