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End of Bitcoin Downtrend? Crypto Analyst Benjamin Cowen Looks at Worst-Case Scenario for BTC

by Daily Hodl Staff
January 25, 2022
in Bitcoin, Trading

Popular crypto trader Benjamin Cowen thinks Bitcoin (BTC) could drop quite a bit further before bouncing back up in price later this year.

Cowen tells his 700,000 YouTube subscribers that Bitcoin’s potential worst-case scenario over the next few months is based on the crypto asset’s 200-week moving average, which currently sits around $19,300.

That metric is moving up quickly, however, and by the second quarter of the year is projected to be around $23,000, according to the analyst.

BTC previously plummeted down to its 200-week moving average during the crashes in December 2018 and March 2020. The trader notes the March 2020 pandemic-induced crash actually brought Bitcoin all the way down to its 300-week moving average.

“It only lasted for about one week or so. It basically was a wick, we came back up and then we ultimately went on a year-long rally, which took us from $3,800 to over about $64,000.”

Cowen predicts BTC could recover with a “sustained bounce” after dropping all the way down to the 200-week moving average at some point in Q2 of this year.

Bitcoin is trading at $36,215.46 at time of writing, down more than 14% in the past week.

I

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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