In a new video update, crypto analyst Benjamin Cowen warns that both Bitcoin bulls and bears are about to face a fakeout. Cowen explains that during Bitcoin’s pre-halving year, a death cross often occurs, tricking traders and investors into selling their assets. He emphasizes that death crosses and golden crosses are lagging indicators based on moving averages, meaning that their short-term outcomes are often the opposite of what is expected. Cowen also notes that during pre-election years, the S&P 500 typically experiences a seasonal correction, which leads to a downtrend for Bitcoin for the rest of the year.
Based on historical patterns, Cowen predicts that the current cycle will result in both bulls and bears being “wrecked” and ultimately lead to a lower high for Bitcoin. Despite the potential fakeout, the analyst does not provide a specific price prediction for Bitcoin in the near future. As of now, Bitcoin is trading at $27,031, with a slight increase in the last 24 hours.
In summary, Benjamin Cowen warns that Bitcoin bulls and bears should prepare for an upcoming fakeout during the cryptocurrency’s pre-halving year. He explains that historical patterns, such as the occurrence of death crosses and seasonal corrections in the S&P 500, suggest that both sides will be “wrecked.” Cowen believes that this will ultimately lead to a lower high for Bitcoin. However, he does not provide a precise prediction for Bitcoin’s price in the near future. Currently, Bitcoin is trading at $27,031.
