Renowned cryptocurrency analyst Benjamin Cowen has delivered a cautious outlook for Bitcoin (BTC) enthusiasts, dampening hopes for positive signs in the coming month. In a recent strategy session with his YouTube followers, Cowen warned about a potential storm on the horizon for the world’s most famous cryptocurrency.
September has historically been a challenging month for cryptocurrencies, with Bitcoin being particularly susceptible to its effects. Based on past trends, Cowen predicts a negative return for Bitcoin during this month, estimating a drop of over 10% compared to the current price. He believes that considering Bitcoin’s seasonality, current momentum, and the recent monthly close below $27,000, it would not be surprising to see the cryptocurrency test the $23,000 mark. This prediction aligns with his previous forecast made last month.
While Bitcoin currently hovers around $25,789, Cowen also discussed the future of altcoins. He suggests that a combination of macroeconomic events, including the potential easing of monetary policy during the upcoming election year, could inject new life into altcoin markets.
Cowen expects volatility to peak amid the uncertainties surrounding the upcoming election year and the changing economic landscape. As government officials explore measures to stimulate the economy, the possibility of a resumption of quantitative easing emerges. Cowen anticipates that if and when this occurs, the altcoin market will experience a resurgence.
However, for now, Bitcoin seems to be preparing for a more turbulent period. Those closely monitoring the cryptocurrency market would be wise to heed the advice of experts like Benjamin Cowen and be prepared for any outcome.
Disclaimer: The opinions expressed by Benjamin Cowen and others mentioned in this article are purely for informational purposes and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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