A Renowned Analyst Suggests How Long Might Bitcoins Correction Last

In a recent video update, cryptocurrency analyst Benjamin Cowen stated that Bitcoin (BTC) may not start rebounding for several months. Cowen pointed out that historical patterns indicate that BTC may remain in a downward trend until September or October before a potential upward movement. Reflecting on the performance of 2019, the analyst emphasized that it took about 202 days for Bitcoin to break out of such a downward trend. Considering the current 114-day bearish period for the leading cryptocurrency, he speculated that a breakout could occur around June, although he acknowledged that this scenario may not be entirely replicated. Read more:

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Cowen emphasized the importance of the current trend line for BTC and pointed out similarities with 2019 when Bitcoin repeatedly tested the trend line before ultimately breaking through. The expert advised viewers to consider these historical patterns when evaluating the current market behavior of Bitcoin. At the time of writing this article, BTC’s trading price was $56,819, confirming a decline in price today.