Bitcoin Could Witness a Deep Corrective Move in September, Says Analyst Benjamin Cowen
Crypto strategist Benjamin Cowen predicts that Bitcoin is likely to experience negative returns in September, based on historical data. He points out that September has historically been a poor month for crypto, with Bitcoin averaging negative returns in this month compared to others. Cowen believes that Bitcoin could drop over 10% from current levels and test $23,000. He had previously issued a warning that Bitcoin could reach this level in September. However, he also outlines a scenario where altcoin markets could rebound next year due to macro tailwinds such as increased volatility in the halving year and potential quantitative easing during the election year.
Key Points:
- Bitcoin is likely to post negative returns in September.
- September has historically been a poor month for crypto, with Bitcoin averaging negative returns.
- Bitcoin could drop over 10% from current levels and test $23,000.
- Altcoin markets may rebound next year due to increased volatility in the halving year and potential quantitative easing during the election year.
Hot Take:
While Benjamin Cowen warns of a deep corrective move for Bitcoin in September, he also provides hope for altcoin markets in the future. The potential macro tailwinds he highlights could create opportunities for altcoins to perform well again. Crypto investors should keep an eye on Bitcoin’s price movements and be prepared for potential market volatility in the coming months.
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