Top Analyst Benjamin Cowen Issues Bitcoin Alert, Says BTC Could Plunge by Over 30% – Here’s His Timeline

Analyst Benjamin Cowen is leaning bearish on Bitcoin (BTC), amid a single-digit correction by the flagship cryptocurrency over the previous week.

Cows tells its 814,000 YouTube subscribers in a brand new video say that if Bitcoin fails to beat the higher trendline shaped by the collection of decrease highs on the weekly time-frame since March, it can probably fall by round 32% from present ranges to the decrease development line shaped by a collection of decrease lows generated over the identical interval in the identical time-frame.

“If Bitcoin is rejected right here [upper trendline] once more and it comes again down, then it’s a must to have a look at this development line down right here [lower trendline] and for those who have a look at the decrease finish of this development line, as an instance by December, the value of Bitcoin can be round $42,000.”

Cowen additional says:

“The explanation why $42,000 is an attention-grabbing quantity is that for those who return and have a look at the 100-week shifting common, you possibly can sort of see that within the November-December time-frame, that is really the place the 100-week shifting common goes. are.”

Bitcoin is buying and selling at $61,760 on the time of writing.

In response to Cowen, Bitcoin will mirror worth motion from earlier cycles if it fails to interrupt above the higher trendline.

“If Bitcoin cannot break the decrease excessive construction… if it could actually’t break the decrease excessive construction and the bulls simply get drained once more, then I believe your eyes ought to be drawn to the 100-week shifting common, the place Bitcoin has fallen. within the fourth quarter of 2019 and the primary quarter of 2016.”

Do not miss a beat – Subscribe to obtain e mail alerts straight to your inbox

Examine worth motion

Observe us additional X, Facebook And Telegram

Surf to the Each day Hodl combine

Generated picture: Midjourney