Bitcoin Analyst Benjamin Cowen’s Warning: Over 30% Drop Expected

Expert analyst Benjamin Cowen takes a negative view as Bitcoin’s $62,048 (BTC) has been experiencing a single-digit correction over the past week. Cowen stated that if Bitcoin’s current level fails to break above its upper trendline, then its price could fall by around 32 percent.

100-Week Moving Average

Analyst Cowen pointed out the importance of the $42,000 level and stated that this is where the 100-week moving average is located. “If Bitcoin fails to break above this upper trendline again and falls again, then it should break below this trendline and fall back to the 100-week moving average region, around $42,000,” he said.

Comparison with Previous Periods

Taking reference to Bitcoin’s price movements in previous cycles, Cowen stated that if it fails to break above the upper trendline, then its current price movement may be in line with the previous period.

“If Bitcoin fails to break through this lower high and the bulls are losing ground again, your attention should turn to the 100-week moving average,” Benjamin Cowen said.

Bitcoin is currently trading at $61,760. According to Cowen, if Bitcoin fails to break through the upper trendline, the price action may follow the previous cycle.

Bitcoin investors and market observers are warned to closely monitor technical indicators, taking Cowen’s analysis into account. It is important to assess the potential risks if the price fails to break through the critical level.

As a result, Benjamin Cowen’s negative prediction for Bitcoin has caught the attention of market participants and suggests that they take precautions against potential downside risks. Investors should prepare for potential market movements by closely examining Bitcoin’s technical levels. #binance#BTC $BTC