A Crypto Analyst Warns of a Potential Bitcoin Correction
Crypto analyst Benjamin Cowen is cautioning that Bitcoin could experience a correction similar to the one seen in 2019. In a recent strategy update, Cowen explains that a price pattern resembling the one before the 2019 correction may be unfolding again.
Cowen’s chart illustrates that in 2019, Bitcoin dropped from around $13,000 to $9,167 after displaying the same pattern he describes. The chart also shows Bitcoin falling below $4,000 when interest rates hit their lowest point in 2019.
Furthermore, Cowen suggests that Bitcoin could reach a local high and then decline about a month prior to a Federal Reserve rate cut, mirroring the events of 2019. While some predict a rate cut as early as January, others believe it will occur in March.
Bitcoin’s Current Price and Conclusion
At the time of writing, Bitcoin is trading at $42,524, reflecting a 2.4% decrease in the last 24 hours.
Hot Take: Is Bitcoin Heading for Another Correction?
Crypto analyst Benjamin Cowen suggests that Bitcoin may be on the verge of experiencing a significant correction similar to what occurred in 2019. He points to price patterns and historical trends indicating a potential decline in the cryptocurrency’s value. While this prediction remains speculative, it serves as a reminder to investors to exercise caution and consider potential risks when trading Bitcoin. As always, it’s crucial for individuals to conduct thorough research and analysis before making any investment decisions.
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