Analyst Benjamin Cowen Predicts Bitcoin (BTC) Will Crater Below $60,000 – Here’s His Timeline

A Crypto Analyst Warns of Potential Bitcoin Price Plunge

A well-known crypto analyst has expressed concerns about the future price of Bitcoin (BTC), predicting a significant drop in the coming weeks.

Benjamin Cowen, who commands a large following of over 986,000 subscribers on YouTube, recently shared his market analysis, suggesting that Bitcoin is currently in a bear market phase and could dip below $60,000 by the end of March. Cowen based his prediction on historical patterns observed in Bitcoin’s price movements.

“Examining the bear market structure, we can see a similar trend unfolding. After hitting a low at $80,000, Bitcoin experienced an upward trend for two months before a breakdown occurred. The subsequent support level was established at $60,000. Since then, Bitcoin has been on an upward trajectory. However, I anticipate a potential breakdown in the near future. My estimation is that this downward movement could occur within the next couple of months. Historically, Bitcoin tends to exhibit weakness in the mid-term around late March to April.”

Cowen also cautioned that identifying a bear market phase in Bitcoin could be challenging due to intermittent upward trends.

“We often see a bear market structure with higher lows, followed by a sudden plunge to new lows. The bearish sentiment may not persist for an extended period. It’s a cycle of brief correctness followed by prolonged upward movements. However, upon reflection, it becomes evident that the entire phase was part of a bear market, even if it wasn’t perceived as such during the time.”

As of the latest update, Bitcoin is trading at $71,346, showing a 2.67% increase.

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