The popular crypto analyst Benjamin Cowen says that Bitcoin (BTC) may have an explosive counter-trend rally when an event takes place.
In a new YouTube video, Cowen tells His 892,000 subscribers that Bitcoin could repeat his price promotion for 2019 when BTC came to a lower high during the early stages of his correction before he went to lower levels and bounces.
According to Cowen, Bitcoin can reflect the price action and fall to a new 2025 layer before causing a huge counter-strike.
“Let’s assume that it does result in a lower high. Let’s be pessimistic. Okay, let’s say it results in a lower high, and then it goes to a lower layer. There is still a chance that a lower layer, such as what happened in 2019, can still find support in this reach [between $69,000 and $75,000]That is ultimately where you would like to find on the lowest support to continue the cycle.
So the good news is, because we didn’t really go into that reach, if there is still a drop, I would imagine that there would be at least a bit of support, and then it could lead to a larger counter-trend rally. At the time it just wiped the price, it wiped the high from the Death Cross Rally. But it can lead to something substantial. ‘
Cowen notes that the counter-trendrally in 2019 was short-lived because macro-economic conditions suddenly deteriorated.
“Now, the reason why the secondary rally failed there was of course because the market could no longer ignore the recession. That was the problem. The market cannot ignore an unemployment rate at around 15%.”
Bitcoin acts for $ 84,675 at the time of writing, an increase of 1.1% in the last 24 hours.
https://www.youtube.com/watch?v=9QG02JYOXB0
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