Crypto Analyst Benjamin Cowen Predicts Multi-Month Correction for Bitcoin, Says Time To Rip Band-Aid Off for Altcoins
A trader who continues to build a following with timely calls on Bitcoin ( BTC ) and altcoins is issuing a warning on the broader crypto market.
Crypto analyst Benjamin Cowen tells his 1 million followers on the social media platform X that he sees Bitcoin breaking support at $100,000.
“Will likely see BTC back at its bull market support band soon, back in the mid-$90,000 range.”
Source: Benjamin Cowen/X
The bull market support band is formed by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
The analyst says his prediction is based on Bitcoin’s price action in the last two years, when Bitcoin started to roll over and gave up gains in the third quarter.
“I’ve mentioned for a while on Youtube that 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.”
Source: Benjamin Cowen/X
At time of writing, Bitcoin is trading for $105,092.
Looking at the altcoin market, Cowen warns that his expected Bitcoin correction will trigger a brutal capitulation event for alts.
“It may be finally time to rip the band-aid off for ALT / BTC pairs.
To the range lows!”
Source: Benjamin Cowen/X
A bearish altcoin versus Bitcoin chart indicates that alts are losing value faster than BTC.
Follow us on X , Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New spot margin trading pair — HOLO/USDT!
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn
- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.
OPEN has dropped by 189.51% within 24 hours during a significant market pullback
- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.
New spot margin trading pair — LINEA/USDT!
Trending news
MoreCrypto prices
More
