Crypto analyst Benjamin Cowen believes Bitcoin (BTC) will face another significant leg down.
In a new video, Cowen challenges the popular comparison between Bitcoin’s current price action and its March recovery patterns, suggesting a more bearish parallel to 2022.
“You could argue that we’re more like right here rather than in March… Bitcoin didn’t go back up to the 21-week EMA… we just had another drop down.”
That historical analogy underpins Cowen’s broader concern.
“I think the next leg lower might be a lot sooner than a lot of people think.”
Cowen also pushes back on the belief that the $60,000 level will act as firm support.
While some traders point to the weekly RSI (Relative Strength Index), a momentum indicator that measures whether an asset is overbought or oversold as evidence a bottom may be near, Cowen argues that signal is incomplete.
“It looks like it’s near the lows in terms of the weekly RSI… but I can find an easy counter indicator to that… there’s still a big drop here potentially.”
He also cites metrics like the MVRV Z-score – which measures how far Bitcoin’s market value deviates from its realized (on-chain cost basis) value – and realized price levels, which represent the average price at which all coins last moved, noting these have not yet reached typical bear market bottom zones.
Follow us on X, Facebook and TelegramGenerated Image: Midjourney
The post Benjamin Cowen Issues Bitcoin Warning, Says Indicators Suggest More Downside Ahead for BTC appeared first on The Daily Hodl.
