Crypto Analyst Benjamin Cowen Predicts Multi-Month Bitcoin Correction

Crypto analyst Benjamin Cowen predicts a multi-month correction for Bitcoin, possibly dropping below $100,000. He cites historical price actions and warns of a significant downturn for altcoins as Bitcoin stabilizes. Cowen emphasizes the need for traders to research and assess their positions amidst potential market volatility.

In an evolving crypto landscape, trader and analyst Benjamin Cowen is raising alarms for Bitcoin and altcoins. With Bitcoin’s value hovering around $105,092, Cowen warns that the cryptocurrency may break its crucial support level at $100,000. He suggests a potential dip back into the mid-$90,000 territory, indicating that Bitcoin’s trajectory mirrors patterns observed over the last couple of years.

His analysis points to historical trends, particularly around Q3, when Bitcoin has shown vulnerability. Cowen believes a correction, reminiscent of previous years, could emerge around August or September. “I’ve been saying on my YouTube channel that we could see some weakness around mid-June as Q3 looms,” he explained.

Looking beyond Bitcoin, Cowen expresses grave concerns for the altcoin market. He anticipates that a downturn in Bitcoin could lead to a sharp capitulation for altcoins. “It may be finally time to rip the band-aid off for ALT/BTC pairs. To the range lows!” he stated. The statistics corroborate this, suggesting that altcoins are losing ground more rapidly compared to Bitcoin.

Market followers are urged to stay informed as the situation unfolds. Moreover, Cowen’s caution comes as he highlights the urgency for traders to reassess their positions, particularly in the wake of anticipated market shifts. With the volatility inherent in cryptocurrency trading, investors are reminded to conduct thorough research before diving into high-risk assets like Bitcoin and altcoins.

As the crypto community braces for potential turbulence, Cowen’s insights remind all that vigilance and preparedness are crucial in these uncertain times. With the altcoin market facing potential challenges, it’s clear that both traders and fans of digital assets should keep a close eye on forthcoming developments.

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