A intently adopted crypto analyst is warning that Bitcoin (BTC) might undergo an enormous correction because it trades within the decrease $60,000 vary.
In a brand new video replace, crypto strategist Benjamin Cowen tells his 802,000 YouTube subscribers that Bitcoin might return to the $50,000 vary on the weekly chart amid a potential “summer season lull.”
Cowen believes Bitcoin might repeat the same 2021 sample when there was a sell-off in late April, a weeks-long rally beginning in Could, after which a downward development in the summertime months.
“You possibly can definitely have a deeper pullback as nicely, again into the $50,000s. I do assume that’s definitely potential.”
Cowen additionally says that Bitcoin’s pullbacks up to now this cycle have been comparatively small in comparison with prior cycles.
“We actually haven’t had that many massive pullbacks. A number of these pullbacks have truly been comparatively muted, particularly in comparison with final cycle. These pullbacks are mainly identical to 20% pullbacks, basically all of them. Even this one [in May 2024], it was nonetheless solely a couple of 23% pullback. So final cycle, after that 2019 high, we ended up getting a couple of 50% pullback. Clearly, it went additional down due to the pandemic afterward…Even within the 2016 camp, there have been nonetheless some bigger pullbacks like 30% and 40%.
However I feel in the identical means that we’ve talked about diminishing returns, you’re additionally possible going to see diminishing volatility, in addition to the cycles go on simply because it takes exponentially an increasing number of cash to maneuver the worth.”
Bitcoin is buying and selling for $61,537 at time of writing, up barely within the final 24 hours.
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