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Expert Cowen Forecasts Bitcoin Drop

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by Giorgi Kostiuk

a year ago

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.

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