Analyst Benjamin Cowen predicts a potential significant correction for Bitcoin (BTC).
Retesting Resistance Levels
Cowen notes that BTC historically retests previous resistance levels as support before rising further. However, he points out that BTC did not retest $30,000 as support during its recent climb above $60,000. This could indicate a potential 50% drop in value.
Unsustainable Rally
Cowen also expresses concerns about the current Bitcoin rally, which he believes is unsustainable due to a lack of support. He explains that healthy bull markets typically establish support levels before continuing upward. The absence of such support could lead to a sharp correction.
Current Price
At the time of writing, Bitcoin is trading at $64,707, up nearly 3% in the last 24 hours.
