Benjamin Cowen Predicts 'Death Cross' Fakeout Impacting Bitcoin Bulls & Bears: His Analysis Revealed

Prominent Crypto Expert Predicts Bitcoin (BTC) Will Experience a Deceptive Price Movement, Impacting Both Bulls and Bears.

"Crypto Expert Benjamin Cowen, with a YouTube following of 787,000, warns of a deceptive 'death cross' in Bitcoin's upcoming pre-halving year, impacting both BTC bulls and bears.

Bitcoin undergoes a halving process every four years, reducing miners' rewards by half. With the next halving anticipated in April 2024, 2023 is set to be a crucial pre-halving year.

Cowen elaborates,

"History shows that during pre-halving years, both bears and bulls face significant challenges. By year-end, most participants, regardless of their stance, experience setbacks. This pattern, evident in the three previous pre-halving years, suggests a potential decline in Bitcoin's highs this year."

"Crypto Analyst Benjamin Cowen explains that both bullish and bearish traders might face challenges due to an impending 'death cross' in Bitcoin's trajectory. This technical indicator occurs when an asset's 50-day moving average falls below its 200-day moving average, hinting at a potential prolonged bearish trend.

Cowen states, "Often, as an asset approaches a death cross, many sell off, fearing the negative implications of this pattern. However, this can be a misguided move. Both 'golden crosses' and 'death crosses' are inherently lagging indicators, rooted in moving averages, which themselves are delayed indicators. Surprisingly, the immediate market reaction to these crosses can be contrary to general expectations."

Furthermore, Cowen highlights a correlation with the S&P 500 during pre-election years. He mentions, "Historically, the S&P 500 experiences a seasonal dip around August and September of pre-election years. This trend typically pushes Bitcoin into a declining phase for the remainder of the year, irrespective of the S&P 500's performance."

Currently, Bitcoin's price stands at $27,031, marking a slight uptick in the past day."

I

Oct 02, 2023