Bitcoin Poised for Relief Rally, But Analyst Benjamin Cowen Cautions of a Hurdle
Crypto expert Benjamin Cowen predicts Bitcoin's (BTC) price trajectory for the latter part of 2023.
On social media platform X, Benjamin Cowen informs his 764,800 followers that Bitcoin may experience a slight decline before a short rally, completing a bearish trend.
"BTC might drop below its recent low of $24,800 soon. After that, a potential relief rally could occur, aligning with the 'death cross' event (where the 50-day moving average goes below the 200-day average). Yet, any surge might be temporary, leading to subsequent lower highs. Expect a BTC downtrend for the remainder of the year."
At the moment, Bitcoin is priced at $25,724.
In a recent video analysis, Cowen highlights a potential 'death cross' formation, likening it to a similar pattern seen in Bitcoin's past pre-halving year. The next Bitcoin halving is anticipated in April 2024.
"While 'death cross' sounds dramatic, historically, there's a surge leading up to it – either on the day it occurs or just before. When comparing Bitcoin's price movements now to 2019, the patterns are strikingly similar."
Sep 08, 2023