Expert analyst Benjamin Cowen is taking a negative view as Bitcoin (BTC) has seen a single-digit correction over the past week at $62,048. Cowen notes that if Bitcoin fails to break above the upper trendline at its current level, the price could drop by around 32 percent.
Price Critical Levels
Cowen stated in the video he shared on YouTube that if Bitcoin fails to break through the upper trend line created by the series of lower peaks that have been forming on the weekly time frame since March, the downtrend will continue. He suggested that the decline from the current level to this trend line could end at around $42,000.
100 Week Moving Average
Analyst Cowen highlighted the importance of the $42,000 level, noting that this level is where the 100-week moving average is located. âIf Bitcoin fails to re-cross this upper trendline and falls again, it will be forced to drop below this trendline and fall back to the 100-week moving average area, around $42,000,â he said.
Comparison with Previous Periods
Cowen stated that if Bitcoin fails to break through the upper trend line, the current price action could be parallel to previous periods, referencing the price movements of previous cycles.
âIf Bitcoin fails to break out of this lower high and the bulls tire again, eyes should be turned to the 100-week moving average,â Benjamin Cowen said.
Bitcoin is currently reportedly trading at $61,760. According to Cowen, if Bitcoin fails to break above the upper trendline, price action could follow previous cycles.
Analyst Cowen also emphasized that the difficulty market participants have in breaking through the current resistance levels could indicate a significant decline in Bitcoinâs value, adding that investors should be careful if this situation continues.
Bitcoin investors and market observers are warned to follow technical indicators closely, taking Cowenâs analysis into account. It is important to evaluate possible risks in case the price fails to break through critical levels.
As a result, Benjamin Cowenâs negative predictions for Bitcoin attract the attention of market participants and recommend that they take precautions against the potential risk of a downside. Investors should be prepared for possible market movements by closely examining Bitcoinâs technical levels.
