Analyst Benjamin Cowen Says Bitcoin Setting Up for Potential Relief Rally – But There’s a Catch

Crypto strategist Benjamin Cowen is outlining Bitcoin’s (BTC) potential price action over the course of the remaining weeks and months of 2023.

Cowen tells his 764,800 followers on the social media platform X that Bitcoin is poised to drop by single-digit percentage points before rallying to ensure the completion of a bearish pattern.

“Good chance BTC takes out the prior low ($24,800) soon.

After taking out that low, it is possible for BTC to see a relief rally into the death cross (when the 50-day simple moving average crosses below the 200-day simple moving average).

However, any pumps would likely be short-lived and result in lower highs. BTC likely in a downtrend for the rest of the year.”

Bitcoin is trading at $25,724 at time of writing.

In a separate video update, Cowen says the death cross that may be forming echoes a similar signal that hit Bitcoin in its previous pre-halving year. The future Bitcoin halving is expected to occur in April of 2024.

“So, I do want you to be aware that while it is a sensationalist name, death cross, historically you pump into it. Like on the day of the death cross, or maybe a day before you pump into it.

If you really break this down to look at this price action for Bitcoin back in 2019, it’s actually still eerily similar.”

 

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 losses 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.

Generated Image: Midjourney