Crypto analyst Benjamin Cowen is warning that Bitcoin could be headed for a significant drop, similar to the correction it experienced in 2019.
A Look Back at 2019
Cowen points out that Bitcoin’s price action in 2019 saw a pattern of a high, a lower high, and then a sharp drop below a key support level. He believes that if Bitcoin’s current chart follows a similar pattern, we could see a repeat of this correction.
The 20-Week SMA and the Potential Dip
Cowen explains that if Bitcoin gets rejected at its 20-week simple moving average (SMA), currently around $65,441, it could plummet towards the 100-week moving average, which sits near the $40,000 mark.
A Warning for Bitcoin Investors
This potential correction could be a significant event for Bitcoin investors. Cowen suggests that if Bitcoin does set a lower low in September, it would be a strong indicator that the 2019 scenario is playing out.
It’s important to remember that this is just an analyst’s prediction, and the actual price of Bitcoin can be influenced by many factors.
Always do your own research and consult with a financial advisor before making any investment decisions. /p>
