Here’s How Long the Bitcoin Correction Could Last, According to Expert Benjamin Cowen
A highly regarded cryptocurrency analyst, Benjamin Cowen, suggests that the ongoing Bitcoin (BTC) correction may continue for several more months. Cowen, in a recent video update, expressed his views to his large following of 802,000 YouTube subscribers, stating that based on historical patterns, Bitcoin could potentially remain in a downtrend until September or October before experiencing an upward breakout.
Cowen referred to Bitcoin’s price chart in 2019 to support his analysis. He noted that during that time, it took the cryptocurrency 202 days to break free from a similar downtrend. He believes that a similar pattern could potentially develop this time around as well.
“If you actually look at the time range on this from [the 2019] top that set from when Bitcoin topped [to] when it actually broke out of [the] channel, excluding the pandemic crash, it took about 202 days, it was quite a while,” said Cowen.
Considering that Bitcoin has already been in a downtrend for approximately 114 days, Cowen implied that the breakout might occur around 90 days later, placing it sometime in October. However, he mentioned that there is a possibility the situation may not unfold exactly as it did in 2019.
“It’s kind of interesting to think about in terms of where we are, so in the short term, there is a chance that this trend line might become important. That doesn’t mean it’s going to play out exactly like 2019. We’ve already tagged [the trendline] three times,” Cowen explained.
In 2019, Bitcoin encountered a similar channel, and Cowen recalled that it touched the trendline three or four times before eventually breaking out above it. He advised his audience to keep this information in mind while assessing the current market situation.
As of now, Bitcoin is trading at $55,662, experiencing a 3.49% decrease in value over the last 24 hours.
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