Crypto analyst Benjamin Cowen thinks Bitcoin (BTC) might be in for a surprise rally. He’s suggesting a scenario where Bitcoin’s price could drop further before bouncing back significantly.
A Look Back to 2019
Cowen points to Bitcoin’s 2019 price action as a possible model. Back then, BTC rallied to a lower high during a correction before eventually bottoming out and then rebounding. He believes a similar pattern could play out now.
The Potential Scenario
Cowen suggests that if Bitcoin creates a new low for 2025, it could find support between $69,000 and $75,000. This support level could then trigger a substantial counter-trend rally. He acknowledges that the 2019 rally was short-lived due to worsening economic conditions, like high unemployment.
Current Market Conditions
At the time of writing, Bitcoin is trading around $84,675.
Important Disclaimer: This is not financial advice. Investing in cryptocurrencies is risky. Always do your own research before investing.
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