A popular crypto analyst believes Bitcoin’s (BTC) price will plummet 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 drop below $60,000 by the end of March based on historical precedence.
“Look at the bear market structure. You see how it was trending up. You set a low at $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 is generally trending up. You see that? Same structure. Bottomed at $80,000, trended up. Bottomed at $60,000, trending up.
But it will likely break down. That’s my guess. My guess is that this will eventually break down within the next couple of months… The window of weakness for Bitcoin in midterm years is around that April, late March-April timeframe.”
Cowen also warns that it may be difficult to identify when Bitcoin is in a bear market due to temporary uptrends.
“You see the bear market structure higher lows, and then you quickly capitulate to a new low. The bears don’t even really feel like they’re right a lot of the time. They’re right for like a week or two, and then the market trends up for a while, and they’re right for a week or two, and then the market turns up.
But then you look back and you realize the whole thing was a bear market and you just couldn’t convince people of that in the bear market.”
Bitcoin is trading at $71,346 at time of writing, up 2.67%.
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