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.
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