Cowen spoke to his 764,800 followers on social media platform X. The analyst says Bitcoin is poised to fall by single-digit percentage points before rebounding to complete the downtrend.
“There is a good chance that BTC will surpass the previous low ($24,800) soon. After reaching such a low, it is possible that BTC could see a relief rally towards the death cross (when the 50-day simple moving average crosses below the 200-day simple moving average). However, any pump will likely be short-lived and result in lower highs. “BTC will likely trend downward for the rest of the year.”
Bitcoin is trading at $25,724 at the time of writing. In a separate video update, Cowen says the emerging death cross reflects a similar signal that hit Bitcoin in the previous year before the halving. The next Bitcoin halving event is expected to occur in April 2024.
“So, even though the name death cross is a bit sensational, I want you to be aware that you have historically pumped it up. "If you really look in detail at Bitcoin's price action in 2019, it's actually still eerily similar."
