Benjamin Cowen Issues Bitcoin Alert, Says Massive BTC Correction ‘Certainly Possible' – Here Are the Targets
” The Summer Lull: Cowen explains that historically, the summer months tend to see a slowdown in market activity for Bitcoin and other cryptocurrencies. This period is often referred to as the “summer lull” and is characterized by low trading volumes and price consolidations. However, he notes that this is not always the case and there have been instances where Bitcoin has seen significant rallies during the summer months. Possible Correction: Despite the possibility of a summer rally, Cowen cautions that Bitcoin may first need to go through a significant correction. He points to the previous bull market in 2017 where Bitcoin saw a 35% correction in the summer before continuing its upward trend. Cowen believes a similar correction could occur this time around, potentially bringing Bitcoin back to the $50,000 range. The Importance of Support Levels: Cowen emphasizes the importance of support levels in determining potential price movements. In the current market, he identifies the ...