927: HERE’S THE WORST-CASE SCENARIO FOR CRYPTO MARKETS AMID BITCOIN CRASH, ACCORDING TO TOP ANALYST!!

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3.6 • 626 Ratings

🗓️ 13 May 2022

⏱️ 19 minutes

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Summary

Widely-followed crypto analyst Benjamin Cowen says the dot-com bubble in the late 1990s is giving a glimpse of what the bottom could look like for the Bitcoin and cryptocurrency market. Cowen says that an 80% drop is highly possible for crypto. "Sometimes I struggle to comprehend an asset class that has only a market cap of $500 billion, but considering that the asset class as a whole was $3 trillion not that long ago and we’re currently at $1.26 trillion, it’s not that far-fetched to assume that we can’t drop another 40% or so down to approximately $500 billion. I would consider that to be the absolute worst-case scenario.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	In today's show, Bitcoin price sees a hell of a reversal candle as 168,000 BTC leaves exchanges.
0:06.9	I'll be breaking down the latest technical analysis.
0:09.1	And as trader crypto bullet shares here, I think this is the local bottom.
0:12.7	Expecting a bounce.
0:13.9	This is a hell of a reversal candle.
0:15.8	Dragonfly Doji on the highest volume of the year.
0:18.6	Plus, bullish divergence on RSI, bounce scenario, still in play.
0:23.0	However, this analyst warns of an 80% drawdown to $13,700 and $98 and says $27,000 is about halfway there.
0:31.0	And quote in Joe Rogan, imagine if Bitcoin becomes the only money worth anything.
0:35.0	And everybody is like, but I don't have any of it.
0:37.4	And your money is worth isish. And you've got a new money, Bitcoin, and then there's only a $ anything. And everybody is like, but I don't have any of it. And your money is
0:38.0	worth isish. And you've got a new money, Bitcoin. And then there's only a finite number, a Bitcoin. So maybe
0:43.4	there's no Bitcoin for you. And quoting Rich Dad Robert Kiyosaki, Bitcoin crashing. Great news.
0:49.2	As stated in previous tweets, I am waiting for Bitcoin to crash to $20,000. We'll then wait for a test at the bottom, which might be $17,000. Once I know the bottom is in, I back up the truck. Crashes are the best times to get rich. Take care. And this just in breaking news, legendary investor Bill Miller confirms he has not sold any Bitcoin and remains bullish. And more breaking news, Canadian Bitcoin ETF just bought 6.9,000
1:12.6	BTC yesterday, which is the biggest single day purchase since its listing. And more breaking news,
1:18.0	one of the world's largest airlines, Emirates, to accept Bitcoin payments, as well as to launch
1:23.2	NFT collectibles. Also in today's show, BitQuinect Luna Brothers moment sees Terra
1:28.1	inflate token supply 3,500% overnight. And the Terra slash Luna token is now virtually
1:34.5	worthless and they have halted their blockchain. As you can see in this chart,
1:38.7	this is the worst collapse I've seen in crypto since BitConnect virtually works zero.
1:43.2	And as shared here, Luna really is the biggest
1:44.9	cluster I've ever seen in crypto, worse than BitConnect, worse than one coin, worse than Axi,
	...

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