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Sujit Kumar
Oct 5, 2024
by Sujit Kumar

Analyst Benjamin Cowen Predicts Potential 32% Bitcoin Price Drop

Benjamin Cowen

Table of contents

  1. Why $42,000 is Critical
    1. Repeating Historical Patterns
Crypto analyst Benjamin Cowen is sounding a bearish note on Bitcoin (BTC) as the flagship cryptocurrency experienced a minor correction over the past week. Speaking to his 814,000 YouTube subscribers, Cowen explained that Bitcoin could face a significant price drop if it fails to break through a crucial upper trend line formed by a series of lower highs since March.

According to Cowen, if Bitcoin continues its downward trajectory after being rejected by the upper trend line, it could fall by as much as 32%, reaching the lower trend line, which has been consistently generating lower lows on the weekly chart. He predicts that if this trend continues into December, Bitcoin's price could hit $42,000.

Why $42,000 is Critical

[embed]https://www.youtube.com/watch?v=RMXEk6mnqLA[/embed]

Cowen emphasizes that the $42,000 level is significant because it aligns with the 100-week moving average. By November or December, the 100-week moving average is expected to reach this price point. Historically, Bitcoin has tested this moving average during previous cycles, such as in Q4 of 2019 and Q1 of 2016, suggesting that it could be a critical support level if Bitcoin enters another bearish phase.

Repeating Historical Patterns

Cowen further warns that if Bitcoin is unable to break its current lower high structure, it could mirror price action from previous cycles, where the bulls eventually gave up, leading to further declines. At the time of writing, Bitcoin is trading at $61,760, but the next few weeks could be crucial in determining whether the bulls can regain control.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Analyst Benjamin Cowen Predicts Potential 32% Bitcoin Price Drop
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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