Consolidation is taking place, but there is no upward impetus in the bitcoin market.

There is a possibility that the price of bitcoin may either rise or fall.

After falling below the key $19,000 barrier, when do you anticipate the price of Bitcoin (BTC/USD) will begin to recover? Benjamin Cowen, a crypto expert, is of the opinion that Bitcoin must first experience a capitulation event before its price may begin to reverse. In order to explain when something like this is most likely to happen, Cowen analyzes past trends.

Cowen notes that the last surrender event will take place around the time that Christmas rolls around this year. When a significant number of investors give in to the pressure from bears and sell their shares, this is referred to as a capitulation event. Events that are characterized as being a capitulation are distinguished by exceptionally large trade volumes that coincide with dramatic price declines. A market bottom is indicated when the price reaches its lowest point, which ushers in a move that is positive for the market.

According to Cowen, bear markets for bitcoin tend to last for close to a year when looking at the historical patterns. According to him, the bear markets in 2014 lasted for a total of 14 months, but in 2018, they only lasted for a total of 12 months. Therefore, if the present one is to match past trends, the dates around December 25th, 26th, and 27th, might be potential candidates.

Bitcoin's price has been somewhat volatile in the run-up to this crucial forecast towards the end of the year. Cowen believes that a price of $15,000 is appropriate for bitcoin at this time. The expert believes that the price of the cryptocurrency has to drop below this level before it can become a bear market. Because of this, there will be attempts made to reclaim the fair value.

Bitcoin's prognosis once the price stabilizes around $16,000

Chart of Bitcoin and US Dollar by TradingView

The daily chart for Bitcoin shows that the cryptocurrency's price is volatile but tends to settle around $16,000. The MACD indicator has moved into the negative territory. The Relative Strength Index (RSI) is still located below 50, which indicates that selling pressure is still predominant in the market.

Where will Bitcoin go from here?
Bitcoin does not have a clear trend to follow. Despite the fact that bulls have maintained a strong defense of $16,000 over and over again, they are unable to push the price higher. Despite the fact that the most recent Fed announcement suggested a slower pace of rate rises, this is the result.

Because of the choppy trading pattern that is now in place, Bitcoin might go in any direction. BTC could have reached a new low, just as Cowen said it would. In order for this to transpire, the price must first break below the support zone of $16,000.

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