A popular crypto analyst believes that the price of Bitcoin (BTC) will crash in a matter of weeks.
In a new market update, Benjamin Cowen tells his 986,000 YouTube subscribers that Bitcoin remains in a bear market and could fall below $60,000 by the end of March based on historical precedents.
“Look at the structure of the bear market. You see how it was trending up. You set a low of $80,000, and then the market trended up for two months, basically, before breaking down. And where did it find support? $60,000. And guess what’s been happening since $60,000. Bitcoin generally trends up. See that? Same structure. It bottomed at $80,000, trended higher. rise. Bottomed at $60,000, with an upward trend.
But it will probably break down. That’s my assumption. My guess is that this will eventually break in the coming months… The window of weakness for Bitcoin in the mid-years is around that April, late March-April period.”
Cowen also warns that it can be difficult to identify when Bitcoin is in a bear market due to temporary bullish trends.
“You see the bear market structure with higher lows and then quickly capitulate to a new low. Bears don’t even feel like they’re right most of the time. They are correct for a week or two, and then the market trend goes up for a while, and they are correct for a week or two, and then the market goes up.
But then you look back and realize it was all a bear market and you just couldn’t convince people of that in the bear market.”
Bitcoin is trading at $71,346 at the time of writing, up 2.67%.
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