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.
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“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
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