The crypto market is being warned by a trader who has built a large following for his timely predictions on Bitcoin (BTC), altcoins, and other currencies.
Benjamin Cowen, a crypto analyst on social media site X told his one million followers that he believes Bitcoin will break support at $100,000.
The 20-week moving average and 21-week exponential average form the bull market support bands.
Analyst says he made his prediction based on Bitcoin’s price movement in the past two years. Bitcoin began to slide and lost gains during the third quarter.
I’ve been saying on Youtube for quite a while that Bitcoin will likely begin to show some weakness in mid-June, as Q3 weakness begins to manifest itself.
It happened again the past couple of years.
“I think that the next lowest point will be around August/September”
Bitcoin currently trades for $105,092.
Cowen, looking at the altcoin markets, warns of his anticipated Bitcoin correction that will cause a brutal event to capitulate alts.
It may finally be time to remove the bandage for BTC/ALT pairs.
“To the range of lows!”
The chart of altcoins versus Bitcoin shows that alts have lost value more quickly than BTC.
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The post Crypto Analyst Benjamin Cowen predicts multi-month correction for Bitcoin and says it’s time to remove the band-aid for altcoins could be updated as new information becomes available.
