A trader who continues to build a following with timely calls on Bitcoin (BTC) and altcoins is issuing a warning on the broader crypto market.
Crypto analyst Benjamin Cowen tells his 1 million followers on the social media platform X that he sees Bitcoin breaking support at $100,000.
“Will likely see BTC back at its bull market support band soon, back in the mid-$90,000 range.”
Source: Benjamin Cowen/X
The bull market support band is formed by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
The analyst says his prediction is based on Bitcoin’s price action in the last two years, when Bitcoin started to roll over and gave up gains in the third quarter.
“I’ve mentioned for a while on Youtube that Bitcoin would likely start exhibiting some weakness around mid-June as the Q3 weakness starts to present itself.
The same thing happened the last couple of years.
I think the next low is around August/September.”
Source: Benjamin Cowen/X
At time of writing, Bitcoin is trading for $105,092.
Looking at the altcoin market, Cowen warns that his expected Bitcoin correction will trigger a brutal capitulation event for alts.
“It may be finally time to rip the band-aid off for ALT / BTC pairs.
To the range lows!”
Source: Benjamin Cowen/X
A bearish altcoin versus Bitcoin chart indicates that alts are losing value faster than BTC.
Generated Image: Midjourney