Benjamin Cowen predicts a long correction of the crypto market

Analyst Benjamin Cowen warns of a possible multi-month correction in the bitcoin market BTC $63,562.20 Mezo Wrapped BTC 1.68% Market capitalization $75.71 million VOL. 24 hours $1.04 billion and altcoins. According to the expert, in the near future, BTC may lose support at $ 100,000 and return to the so-called «bull market support band,» which is located in the mid-$ 90,000 range.

Cowen explains his forecast by the dynamics of the bitcoin price over the past two years: in the third quarters of previous years, the market also showed signs of weakness, which led to corrections. In his opinion, this situation may happen again this year, and a local bottom is expected in August-September.

Among the technical benchmarks, he singles out the 20-week simple and 21-week exponential averages, which currently provide important support for the market. At the time of the forecast, the price of bitcoin was over $ 105 thousand.

As for the altcoin market, Koven expects even more volatility: in his opinion, the correction of bitcoin will trigger a massive drop in altcoin rates in pairs with BTC. The analyst uses the phrase «time to rip off the band-aid» — in his opinion, altcoins will have to go through a stage of rapid and painful surrender.

In general, Benjamin Coven’s forecast indicates that the cryptocurrency market is likely to undergo a correction phase with potential difficulties for altcoin holders in the coming months.