Bitcoin investors may have to wait a few more months before seeing a rally, according to crypto analyst Benjamin Cowen. In a recent video update, Cowen, who has over 802,000 YouTube subscribers, predicts that Bitcoin could be in a downtrend until September or October before breaking out to the upside.
Cowen points to Bitcoin’s 2019 chart, noting that it took the cryptocurrency 202 days to break out of a similar downtrend. Based on this historical pattern, Cowen suggests that Bitcoin’s breakout date could be around October, given that it has already been in a downtrend for 114 days.
While Cowen acknowledges that there is a chance Bitcoin’s price action may not follow the exact pattern of 2019, he highlights the importance of monitoring the current trend line. He notes that Bitcoin has already tested the trendline multiple times, similar to what happened in 2019 before the breakout.
At the time of writing, Bitcoin is trading at $55,662, representing a 3.49% decrease in the last 24 hours. Despite the current correction, Cowen’s analysis suggests that investors may need to exercise patience before seeing a significant rally in the cryptocurrency.
As always, investors are advised to conduct their own research and due diligence before making any high-risk investments in Bitcoin or other digital assets. The Daily Hodl does not provide investment advice and recommends caution when trading cryptocurrencies.
