Crypto analyst Benjamin Cowen, known for his timely market insights, warns of a potential multi-month correction for Bitcoin (BTC) and a steep downturn for altcoins.
Addressing his 1 million followers on social media platform X, Cowen predicts Bitcoin could break below the $100,000 support level, potentially dropping back to the mid-$90,000 range.
This support zone is defined by Bitcoin’s 20-week simple moving average (SMA) and 21-week exponential moving average (EMA).
Cowen’s outlook is based on Bitcoin’s price behavior over the past two years, where declines typically began in the third quarter.
“Bitcoin would likely start exhibiting some weakness around mid-June as the Q3 weakness starts to present itself. The same thing happened the last couple of years. I think the next low is around August/September,” he said.
At the time of reporting, Bitcoin trades near $105,092.
Regarding altcoins, Cowen cautions that a Bitcoin correction could trigger a harsh capitulation among altcoins, pushing ALT/BTC pairs down to their previous lows.
“It may be finally time to rip the band-aid off for ALT / BTC pairs. To the range lows!” Cowen stated.
Technical charts suggest altcoins are depreciating faster than Bitcoin in recent trading sessions.
Disclaimer: The opinions reported are not investment advice. Investors should conduct their own research before making cryptocurrency trades. Trading involves risk, and losses are the responsibility of the individual investor.