Crypto analyst Benjamin Cowen is predicting some price dips for Bitcoin and Ethereum before a potential market rally later this year.
Bitcoin and Ethereum Price Predictions
Cowen, a popular YouTube analyst with nearly 900,000 subscribers, believes Bitcoin (BTC) could fall below its bull market support band in August, potentially reaching the $64,000 range. This support band is based on technical indicators: the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). He points to previous instances where BTC fell below this band.
If Bitcoin hits this low point, Cowen predicts Ethereum (ETH) could plummet to around $1,100. He bases this on a logarithmic regression trendline, which he says tracks the asset’s fair value, and historical lows from previous market cycles. Currently, ETH is trading around $2,480 and BTC is around $102,536.
A Potential Q4 Rally
Despite these bearish predictions, Cowen remains optimistic about the potential for a significant crypto market rally in the fourth quarter of the year. He suggests that the predicted price drops could be a precursor to this rally.
Disclaimer: This is not financial advice. Always do your own research before investing in cryptocurrencies.
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