Bitcoin Could See Major Market Correction in September, Says Analyst Benjamin Cowen
Top crypto analyst Benjamin Cowen predicts that Bitcoin (BTC) could experience a significant market correction in September based on its historical performance. Cowen suggests that Bitcoin may decline by more than 16% from its current value and drop to $23,000 to retest it as support. He supports his prediction by pointing out that September has historically been the most bearish month for Bitcoin in terms of average returns. In 2019, BTC dropped 13.91% in September, which was the last pre-halving year. Cowen acknowledges that the price may still be volatile and could potentially bounce and print lower highs before reaching $23,000.
Key Points:
- Cowen predicts that Bitcoin could decline by more than 16% in September.
- Historically, September has been the most bearish month for Bitcoin in terms of average returns.
- In 2019, BTC dropped 13.91% in September, the last pre-halving year.
- Bitcoin may retest the $23,000 price level as support.
- The price could still be volatile and may experience lower highs before reaching $23,000.
Hot Take:
According to analyst Benjamin Cowen, September could be a challenging month for Bitcoin, with a potential market correction and a decline in value. However, it’s important to remember that cryptocurrency markets are unpredictable, and the price may still exhibit volatility. Investors should stay informed and monitor the market closely during this period.
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