Bitcoin Correction Duration Forecast by Analyst Benjamin Cowen
A prominent analyst in the crypto space suggests that Bitcoin (BTC) may not trigger a significant rally for several months. Benjamin Cowen, a crypto strategist with a substantial following on YouTube, shared insights with his audience of over 800,000 subscribers, indicating that historical trends point to a potential downtrend for the crypto giant until September or October before a potential upward breakout.
Analyzing Bitcoin’s 2019 chart, Cowen highlighted that it took approximately 202 days for Bitcoin to emerge from a comparable downtrend previously, suggesting a similar pattern could unfold this time. He emphasized, “If you actually look at the time range on this from [the 2019] top that set from when Bitcoin topped [to] when it actually broke out of [the] channel, excluding the pandemic crash, it took about 202 days, it was quite a while.”
Considering that Bitcoin has already been in a downtrend for about 114 days, Cowen projected a breakout timeline roughly 90 days later, potentially around October. However, he cautioned that the current scenario might not mirror 2019 precisely. He remarked, “If you look at where Bitcoin is right now and how long it has been in this channel so far, it’s been about 114 days or 115 days. 202 days would actually put you all the way out in October… It’s kind of interesting to think about in terms of where we are, so in the short term, there is a chance that this trend line might become important. That doesn’t mean it’s going to play out exactly like 2019. We’ve already tagged [the trendline] three times.”
In the previous 2019 instance, Bitcoin encountered a similar channel, with multiple touches before breaking out above it. Cowen advised his audience to keep this historical context in mind while monitoring the current situation. Bitcoin’s current trading value stands at $55,662, reflecting a 3.49% decline over the last 24 hours.
As the crypto community eagerly awaits potential market movements, Cowen’s analysis provides valuable insights into potential future trends for Bitcoin. Investors and enthusiasts continue to observe Bitcoin’s price action and market dynamics closely as the cryptocurrency navigates through its current phase.
It remains essential for stakeholders in the crypto space to stay informed about market trends and expert opinions to make informed decisions in the ever-evolving landscape of digital assets. As the crypto market continues to unfold, analysts like Cowen offer valuable perspectives that can guide investors in navigating the complexities of the crypto market.
