Cryptocurrency analyst Benjamin Cowen is raising a cautionary flag on Bitcoin (BTC) as the primary digital asset teeters below $100,000.
In a recent video, Cowen, addressing his 858,000 YouTube followers, suggests that a continued uptick in the US Treasury 10-year yield could negatively impact Bitcoin.
Cowen speculates that Bitcoin may exhibit a pattern akin to the latter half of 2023, when the leading cryptocurrency slipped below a support level of approximately $30,000 and remained subdued for an extended period.

“…keep an eye on the 10-year yield; if it continues to rise, it may pose challenges for Bitcoin…
…what occurred [in 2023] was Bitcoin surged, then retraced, ultimately dipping below $30,000 and lingering beneath that mark for several weeks. Consequently, market sentiment weakened progressively until a sell-off ensued, eventually finding support below $25,000.”


Source: Benjamin Cowen/YouTube

According to Cowen, Bitcoin could potentially drop by up to 28% from its current position if its price trajectory mirrors that of 2023.

“Hence, if Bitcoin adheres to that [2023] model, despite the timing not aligning with the norm, and if the 10-year yield persists in its ascent, Bitcoin might stabilize around $88,000 or $89,000 for a period before possibly revisiting $70,000 and seeking support there.”


Source: Benjamin Cowen/YouTube

The esteemed analyst further posits that Bitcoin’s performance around the $100,000 threshold will likely determine the short-term path of this flagship crypto asset.

“Therefore, I believe $100,000 will serve as a pivotal threshold… should Bitcoin face rejection again [at $100,000], retreat below $90,000, and trend downward, a scenario akin to that of 2023, following the S&P 500 and Russell 2,000 indices’ pattern of surrendering post-election gains in the near term, becomes more plausible.”
At the time of writing, Bitcoin is valued at $96,900.
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