Traders who continue to build their follow with timely calls to Bitcoin (BTC) and altcoin are warnings in the broader crypto market.
Crypto analyst Benjamin Cowen tells one million followers on social media platform X that he sees Bitcoin as breaking support for $100,000.
“Perhaps we’ll be back in the mid-$90,000 as soon as BTC returns to the Bull Market Support Band.”
Source: Benjamin Cowen/X
The Bull Market Support Band is formed by a 20-week Simple Moving Average (SMA) and a 21-week Exponential Moving Average (EMA).
Analysts say his forecast is based on Bitcoin price action over the past two years, when Bitcoin began rolling over and began giving up profits in the third quarter.
“I mentioned for a while that Bitcoin is likely to show some weaknesses around mid-June, as the weaknesses of Q3 are beginning to emerge on YouTube.
The same thing has happened over the last few years.
I think the next lowest is around August/September. ”
Source: Benjamin Cowen/X
At the time of writing, Bitcoin is trading at $105,092.
Looking at the Altcoin market, Cowen warns that the expected Bitcoin correction will cause a brutal surrender event for ALT.
“It may be time to rip a band-aids for the Alt/BTC pair.
The range is low! ”
Source: Benjamin Cowen/X
Bearish altcoins and Bitcoin charts show that ALT is losing value faster than BTC.
Generated Image: Midjourney