A well-known crypto analyst says that Bitcoin’s (BTC) current correction is reminiscent of its price action about five years ago.
In a new interview with finance and technology YouTuber David Lin, crypto strategist Benjamin Cowen says the social risk metric indicates that the crypto king is following in the footsteps of its 2019 price performance.
According to Cowen, the number of viewers of crypto YouTube channels has dropped significantly, suggesting that there could be a change in course and a recovery similar to that seen in 2021.
“I think it is more similar to 2019 and there are several reasons for that. – One reason for this is because you look at one of the metrics that I track, which is societal interest in the crypto space, which is essentially people watching crypto YouTube channels…
You’ll see that in 2021, when we had that mania phase, a lot of people flocked to watch crypto YouTube. (Some) channels were averaging about four million views a day back then – now those same channels are only averaging about 850,000 views a day…
If you go back and look at social risk, you can see that social risk went down to a low and then recovered. To me, it looks very, very similar to 2019.”
However, Cowen further notes that crypto markets have not yet seen the same madness in 2021 as retail investors have not yet returned to the industry.
“I don’t really think what we just experienced was a 2021-style mania phase because retail never really came back, which was one of the interesting things. I think it was one of the really confusing things about the market for a lot of people because Bitcoin went to an all-time high but we never really saw retail return.
And yet another proof that 2019 is not a bad comparison. In fact, it is a very similar development (in percentage terms) …
If you look at a price range from the low in 2018 to the high in 2019, it’s about a 350% increase. We just saw the same thing in the rally in 2022 into early 2024.”
At the time of writing, Bitcoin is trading at $58,732, down 1.84% over the past 24 hours.
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check price promotion
Follow us on XFacebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
