Bitcoin Alert: Analyst Benjamin Cowen Spotlights Potential Pattern Resurgence

Hey folks, crypto enthusiast Benjamin Cowen is waving the caution flag in the world of Bitcoin, and it’s got his 789,000 YouTube subscribers buzzing. According to Cowen, there’s a pattern making a comeback, one that’s made an appearance before the past three Bitcoin halvings.

Cowen dives into the nitty-gritty, breaking it down for his audience. Apparently, Bitcoin has a tendency to take a nosedive to the bull market support band during the first quarter of the halving year. What’s this band, you ask? Well, it’s a combo of the 20-week simple moving average and the 21-week exponential moving average – a dynamic duo helping us figure out possible support levels for Bitcoin during its bullish adventures.

Now, the real talk – if Bitcoin decides to give the bull market support band a little tag, Cowen believes we could be looking at a substantial drop, somewhere around a 15% decline from the current level. Ouch!

But here’s the twist in the tale – whether Bitcoin bounces back from this support band or takes a nosedive past it depends on the good ol’ US of A’s economic health. Cowen’s got historical examples to throw at us – in 2012 and 2016, Bitcoin held onto that support band like a champ. But 2020? Well, we all know what happened. Pandemic, recession, unemployment rates soaring – not a great time for Bitcoin’s support band.

So, the big question is, will the economy do its thing and keep Bitcoin afloat, or will the Federal Reserve push us into a recession, leaving Bitcoin to fend for itself? Only time will tell.

As of now, Bitcoin’s playing around at $42,390. Keep those eyes peeled, folks – the crypto rollercoaster might just be gearing up for another wild ride!