Cryptocurrency expert Benjamin Cowen presents a pessimistic outlook for Bitcoin (BTC) due to a recent correction.
Critical Price Levels
In a YouTube video, Cowen stated that if Bitcoin cannot break through the upper trend line formed by lower peaks since March, the downward trend will continue to around the $42,000 level.
100-Week Moving Average
Cowen emphasized the $42,000 level's importance, noting the 100-week moving average resides there. "If Bitcoin fails to breach this upper trend line and declines, it could return to $42,000," Cowen noted.
Comparison with Previous Periods
Cowen referenced Bitcoin’s price movements in previous cycles, indicating a potential repetition if the upper trend line is not breached. [quote: "If Bitcoin cannot breach this lower high structure, focus should shift to the 100-week moving average," remarked Benjamin Cowen.]
Cowen’s forecasts about Bitcoin's decline trigger concern among market participants, urging caution and technical analysis.
