Crypto Analyst Predicts Bitcoin Correction to Mid 90,000s

Crypto analyst Benjamin Cowen has issued a warning about the broader crypto market, predicting a multi-month correction for Bitcoin. According to Cowen, Bitcoin is likely to break support at $100,000 and return to its bull market support band in the mid-$90,000 range. This prediction is based on Bitcoin's price action over the past two years, where it has exhibited weakness in the third quarter. Cowen expects the next low to occur around August or September.

Cowen's analysis is grounded in technical indicators, specifically the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA), which form the bull market support band. He has been consistent in his warnings about Bitcoin's potential weakness around mid-June, citing historical price patterns.

In addition to his Bitcoin predictions, Cowen has also warned about the altcoin market. He believes that the expected Bitcoin correction will trigger a significant capitulation event for altcoins, causing them to lose value faster than Bitcoin. This bearish outlook for altcoins is reflected in the altcoin versus Bitcoin chart, which indicates that altcoins are already losing value relative to Bitcoin.

Cowen's predictions are based on his analysis of historical price data and technical indicators. He has not provided specific data or forecasts for the exact extent of the correction or the timing of the next low. However, his warnings serve as a reminder for investors to be cautious and prepared for potential market volatility.