Popular crypto analyst Benjamin Cowen says Bitcoin (BTC) may have an explosive counter-trend rally if one event occurs.
In a new YouTube video, Cowen tells his 892,000 subscribers that Bitcoin might repeat its 2019 price action when BTC rallied to a lower high during the early stages of its correction before heading to lower levels and bouncing.
According to Cowen, Bitcoin might mirror the price action and drop to a new 2025 low before sparking a massive counter-trend surge.
“Let’s suppose that it does result in a lower high. Let’s just be pessimistic for a moment. Okay, let’s say it results in a lower high, and then it goes to a lower low. There is still a chance that a lower low, like what happened in 2019, could find support still in this range [between $69,000 and $75,000], which is ultimately where you would want to find support at the lowest for the cycle to continue.
So the good news is, since we didn’t really go in that range, if there is another drop, I would imagine there would at least be some support there, and then it could lead to a larger counter-trend rally. Back then, it just swept the price, it swept the high from the death cross rally. But it could lead to something more substantial.”
Source: Benjamin Cowen/YouTube
Cowen notes that the counter-trend rally in 2019 was short-lived as macroeconomic conditions suddenly worsened.
“Now, the reason why the secondary rally failed right there, of course, was because the market can no longer ignore the recession. That was the issue. The market can’t ignore an unemployment rate at like 15%.”
Bitcoin is trading for $84,675 at time of writing, up 1.1% in the last 24 hours.
Generated Image: Midjourney
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