Benjamin Cowen Issues Bitcoin Warning, Says BTC Replicates 2019 Correction Pattern

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Widely followed crypto analyst Benjamin Cowen warns that Bitcoin (BTC) could repeat a price formation from 2019 that led to a market correction.

In a new strategy session, Cowen tells his 783,000 YouTube subscribers that the 100-day simple moving average (SMA) could determine whether Bitcoin declines like it did in 2019.

He notes that in 2019, BTC fell below the 100-day SMA after failing to hold it as support on its first attempt. With Bitcoin now sitting at its 100-day SMA after correcting for the first time in years, Cowen says a similar situation could be playing out.

So if that’s any indication, then [it] could be in the not too distant future that we return below [the 100-day SMA] and then we see what and who is who. Then we find out, okay, is this a sustained movement? Or will it fade like 2019?

So were in this scenario. We had the daily close below 100 days. We’re back on top, just like 2019, just like 2020. The question is where do you go from here?

Source: Benjamin Cowen/YouTube

Cowen also says that the 20-day SMA could help predict whether 2023 will see a similar market correction as 2019.

In 2019 you will see that once we had the daily close below 100 days, we came back above 20 days and then back down. Right now, we’ve just exceeded 20 days again. We just came back to it

And another interesting thing when you compare these times is the 20 days passed below the 100 days [in 2019] after we got that daily close below. The 20 days went below the 100 days during this rally and then they came back. In 2020, the 20-day never crossed the 100-day moving average. In 2023, it has not yet crossed it. I don’t know if it’s okay.

Source: Benjamin Cowen/Twitter

Bitcoin is trading for $27,673 at the time of writing, up 0.1% in the last 24 hours. 0.1%

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