Analyst Benjamin Cowen is bearish on Bitcoin (BTC) as the leading crypto asset has seen a single-digit correction over the past week.
In a new video, Cowen told his 814,000 YouTube subscribers that if Bitcoin fails to break above the upper trend line formed by a series of weekly lows since March, it will decline by 32% from current levels. He said there is a high possibility of a sharp decline. A lower trend line formed by a series of low prices that occurred during the same period of the same time frame.
“If Bitcoin gets rejected again here (upper trend line) and falls again, we need to look at this lower trend line (lower trend line) again. If we look at the bottom of this trend line, for example By December…then the price of Bitcoin will be around $42,000.
Source: Benjamin Cowen/YouTube
Cowen goes on to say:
“The reason $42,000 is an interesting number is because if you look back at the 100-week moving average, you kind of see that by the November-December time frame, the 100-week moving average is basically heading there. “So that it will be.” ”
Source: Benjamin Cowen/YouTube
At the time of writing, Bitcoin is trading at $61,760.
According to Cowen, if Bitcoin fails to break above the upper trend line, it will reflect the previous cycle’s price movements.
“If Bitcoin fails to break out of the substructure… If Bitcoin fails to break out of the substructure and the bulls just tire again, I think we need to look at the 100-week moving average where Bitcoin fell. ” in the fourth quarter of 2019 and the first quarter of 2016. ”
Source: Benjamin Cowen/YouTube
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