tl;dr
Crypto analyst Benjamin Cowen warns that Bitcoin may break support at $100,000, potentially dropping to the mid-$90,000 range based on past price patterns, with weakness expected around August or September. He also predicts a severe decline for altcoins relative to Bitcoin during this correction, su...
Crypto analyst Benjamin Cowen predicts that Bitcoin will break below the $100,000 support level, likely dropping into the mid-$90,000 range. This forecast is based on historical price weakness observed in the third quarter over the past two years. Cowen highlights a pattern where Bitcoin begins to weaken around mid-June, with the lowest points appearing between August and September.
The anticipated drop coincides with Bitcoin returning to its bull market support band, defined by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). Currently trading around $105,092, Bitcoin’s potential decline reflects a repetition of previous seasonal trends.
Alongside Bitcoin’s predicted dip, Cowen warns of a severe capitulation in altcoins. He expects altcoins to lose value sharply in comparison to Bitcoin, suggesting that ALT/BTC pairs could plunge to their range lows. This dramatic fall would signify that altcoins are underperforming Bitcoin considerably during the correction phase.
Cowen’s analysis, shared with his 1 million followers on social media platform X, serves as a cautionary note for investors preparing for broader market turbulence. The bearish outlook underscores historical price action trends and points toward a tough environment for altcoin holders amid Bitcoin’s correction.