Analyst Benjamin Cowen Issues Crypto Warning, Says Bitcoin (BTC) Rally Likely Unsustainable – Here’s Why

Standard crypto strategist Benjamin Cowen is questioning the sustainability of the present Bitcoin (BTC) rally primarily based on historic priority.

Cowen tells his 782,000 YouTube subscribers that Bitcoin may replicate its early 2020 trajectory the place the flagship crypto asset initially rallied earlier than plunging considerably.

Bitcoin reached a excessive of $10,500 earlier than plunging to a low of round $3,800 between February and March 2020.

In accordance with Cowen, Bitcoin’s habits in early 2020 is related to the present interval since it’s the solely different time in its historical past that the flagship crypto asset has skilled a recession or recession-like circumstances.

“For those who suppose again to what occurred in 2020, this right here [first quarter of 2020] was a really temporary recession. I nonetheless bear in mind on this vary again over right here, there have been really lots of people that had been fairly bullish going into early 2020. And for those who return and take a look at what folks had been saying again then, numerous alerts had been flashing that this was the beginning of the brand new bull market…

One factor to remember is that this right here [Bitcoin falling from $10,500 to $3,800 in early 2020] occurred throughout the one recession that we’ve had for Bitcoin. It was very, very temporary.”

In accordance with Cowen, the value of Bitcoin may vary between $16,000 and $30,000 for a “whereas” earlier than a transparent route will be decided.

“You can at all times see one thing comparable the place Bitcoin spends some time on this vary [~$16,000 – $30,000] after which it will definitely comes down right into a recession. It may sweep the lows, it may put in a better low, it may put in a decrease low.”

Bitcoin is buying and selling for $23,069 at time of writing.

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