The figures indicate that Bitcoin’s bottom is nearing.

Bitcoin (BTC) is approaching a low point that has historically proven to be the bottom of the previous Bear Markets in 2014 and 2018, according to famous cryptocurrency expert Benjamin Cowen.

In a new video broadcast to his 779,000-subscriber YouTube channel, he noted that Bitcoin’s current rate of decrease from its all-time high is approaching a level that signaled the bottom of the bear markets of 2018 and 2014:

“Bitcoin is about 75% of the way down from its all-time high. If the rate of decrease from the all-time high for Bitcoin begins to match that of prior bear markets in the coming months, it would at least be an indication that things may finally begin to change for the better.

According to the researcher, bitcoin plunged more than 80% from its all-time high during the bear markets of 2014 and 2018 before bottoming out. BTC is currently down 75.6% from its all-time high, established in November of last year.

Altcoins still have room to fall.

The analyst is also keeping a careful check on the total market capitalization (TMC) fall rate from the all-time high. According to Cowen, the market value of all bitcoin assets is currently down 72% from its all-time high, which is still several percentage points lower than the decline recorded in the previous two Bear Markets.

As a result, the expert stressed that altcoins still have a lot of leeway to fall if history repeats itself in terms of what happened in the last two Bear Markets:

“Over the past cycle, total market capitalisation fell by almost 87%. It was down 78% in the last cycle, but that was primarily due to Bitcoin.

This gap of 72% to 88% [total crypto market down from all-time high in market value] against 75% to 85% [BTC down from all-time high] or anything along those lines is one of the reasons that contribute to the conclusion that Bitcoin dominance is prepared to rise steadily. It is for this reason that the altcoin market may continue to fall.”

source