Crypto Analyst Issues Bitcoin Alert, Says BTC Dump Incoming if History Repeats Itself – Here Are His Targets

Cryptocurrency analyst Benjamin Cowen is cautioning investors that Bitcoin (BTC) may be due for a pullback after reaching new record highs. In a recent analysis shared with his nearly 900,000 YouTube subscribers, Cowen highlighted the potential formation of a golden cross pattern on the daily chart.

A golden cross pattern materializes when the 50-day moving average crosses above the 200-day moving average. While this pattern is typically seen as a bullish signal, Cowen pointed out that previous instances of golden crosses have been followed by significant corrections in the price of Bitcoin.

Based on historical data, Cowen suggested that Bitcoin could see a double-digit percentage decline following the formation of the golden cross pattern. He highlighted that past golden crosses have often been accompanied by corrections ranging from 10% to 15%.

Reflecting on his prior experiences with golden crosses, Cowen emphasized that the market tends to experience a period of euphoria and over-excitement leading up to the formation of the pattern. However, this optimism is often followed by a pullback that helps to stabilize the market and temper exaggerated price predictions.

At the time of writing, Bitcoin is trading at $110,911. It remains to be seen whether the formation of the golden cross pattern will indeed lead to a correction, as suggested by Cowen.

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As investors navigate the volatile cryptocurrency market, it’s essential to stay informed and exercise caution when making investment decisions. Keep an eye on market developments and be prepared for potential price fluctuations in the coming days.

Remember, the cryptocurrency market is highly unpredictable, and corrections are a natural part of the market cycle. Stay informed, stay cautious, and make informed investment choices to navigate the ever-changing landscape of digital assets.