A Crypto Analyst Predicts Bitcoin Pullback at $48,000
A well-known crypto analyst, Benjamin Cowen, believes that Bitcoin could experience a pullback if it reaches the $48,000 level. Cowen shares his prediction in a recent strategy update to his YouTube subscribers. He uses Fibonacci retracement levels to determine potential support and resistance areas for the asset.
By analyzing historical data, Cowen suggests that if Bitcoin follows a similar pattern to the one seen in 2019, it could drop to around $42,000 (0.50 Fibonacci level) or even up to $48,000 (0.618 Fibonacci level). Alternatively, if measured from the peak in April 2021, the 0.50 Fibonacci level would be around the current price and the 0.618 level at approximately $46,000.
If Bitcoin does experience a downside move, Cowen suggests that it could retest the $31,000 level based on past price action. He also predicts increased price volatility in the coming weeks due to momentum and speculative trading.
As of now, Bitcoin is trading at $41,874 with a 4.2% increase in the last 24 hours.
Hot Take: Bitcoin Rally Faces Potential Pullback
Crypto analyst Benjamin Cowen warns that Bitcoin’s current rally may face a pullback if it reaches the $48,000 level. Using Fibonacci retracement levels, Cowen suggests that historical patterns indicate possible support and resistance areas for the cryptocurrency.
If Bitcoin follows a similar trajectory to 2019, it could drop to around $42,000 or even $48,000. However, if measured from the peak in April 2021, the potential pullback levels would be around the current price or approximately $46,000.
Cowen also highlights the possibility of Bitcoin retesting the $31,000 level based on past price action. Additionally, he predicts increased volatility in the coming weeks due to speculative trading and momentum.
Bitcoin’s current price stands at $41,874 with a 4.2% gain in the last 24 hours.
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