Crypto Analyst Benjamin Cowen Predicts Multi-Month Correction for Bitcoin

Crypto analyst Benjamin Cowen anticipates a multi-month correction for Bitcoin, potentially dropping below $100,000. He warns that this may cause a significant downturn for altcoins as well, indicating that it might be time to accept losses in the ALT/BTC pairs. As Bitcoin trades around $105,092, patterns from past years suggest an impending decline around August or September.

Crypto analyst Benjamin Cowen, known for insightful predictions, has recently warned his large following on social media about imminent market shifts. He projects that Bitcoin (BTC) may soon break through its $100,000 support level. Cowen suspects that BTC will retreat towards its bull market support band, likely in the mid-$90,000 range. This support band is determined by the combination of the 20-week simple moving average and the 21-week exponential moving average, a commonly referenced metric in market analysis.

In his analysis, Cowen reflects on Bitcoin’s behaviour over the past couple of years, noting that it has historically displayed weakness around mid-June, coinciding with the third quarter of the year. He emphasizes that this pattern has repeated in previous years leading to corrections. “I think the next low will be seen around August or September,” he added, as he anticipates Bitcoin will start consolidating.

Currently, Bitcoin’s trading price stands at $105,092, but there are concerns that a downturn could bring it back down to previously mentioned levels. Cowen’s outlook extends beyond Bitcoin, as he warns the altcoin market could be in for a rough patch. He forecasts that a downward shift in Bitcoin’s price could result in a severe capitulation for altcoins, suggesting it might be time to face the reality of potential losses in the ALT/BTC pairs.

Indeed, the altcoin market is showing signs of struggle compared to Bitcoin, with a recent bearish chart illustrating that many altcoins are depreciating in value at a quicker pace than BTC. This comes at a time when investors are particularly sensitive to market trends, and such a situation could prompt a sharp realignment in crypto portfolios.

Lastly, investors are reminded that the opinions aired in this analysis should not be construed as investment advice. Careful consideration and due diligence are paramount before diving into high-risk investments in Bitcoin or any cryptocurrencies. Investors are responsible for their financial decisions, and any losses incurred are solely their own responsibility. The Daily Hodl, while providing insights, does not endorse the purchase or sale of cryptocurrencies, nor does it function as an investment advisor.