Benjamin Cowen Fears Bitcoin Could Follow Silver’s 73% Post-2011 Collapse
Bitcoin closed below $83,000 for a second straight week, reinforcing analyst Benjamin Cowen’s view that the move was a fake-out. Cowen fears Bitcoin could follow silver’s 73% collapse over four years after its 2011 peak, according to BeInCrypto. He says Bitcoin could next test the $72,000-$76,000 bull-market support band; a weekly close above roughly $84,000 would weaken his bearish thesis. Charles Edwards, founder of Capriole Investments, said Bitcoin’s put/call ratio reached 1.46, a level he associates with locally capped downside, while noting there are no guarantees.