A popular crypto analyst, Benjamin Cowen, is predicting a potential Bitcoin price drop. He shared his concerns with his 850,000 YouTube followers.
Technical Indicators Point to a Dip
Cowen’s analysis focuses on technical indicators, specifically the extension from Bitcoin’s 20-week simple moving average (SMA). He says this suggests a high risk of a correction. He believes Bitcoin could fall back to its bull market support band, currently between $72,000 and $80,000.
A More Severe Correction Possible?
Cowen also highlights a more pessimistic scenario. He suggests a deeper correction, potentially retesting a trendline that could push Bitcoin down to the $60,000 range. He points to past price patterns to support this possibility. He notes that while Bitcoin could
set a new all-time high, a retest of this trendline remains a possibility.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $98,610, up 5.8% in the last 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered financial advice. Always do your own research before investing in cryptocurrencies./p>
