According to popular crypto analyst Benjamin Cowen, it may be several months before Bitcoin (BTC) experiences a significant rally. In a recent video update, Cowen, who has a subscriber base of 802,000 on YouTube, suggests that based on historical patterns, the leading cryptocurrency could remain in a downtrend until September or October before breaking out to the upside.

Cowen points to the 2019 chart of BTC, noting that it took approximately 202 days for Bitcoin to break out of a similar downtrend during that period. He suggests that a similar pattern could unfold this time around.

“If you actually look at the time range on this from the top in 2019 to when it actually broke out of the channel, excluding the pandemic crash, it took about 202 days, it was quite a while.”

Cowen further explains that since Bitcoin has already been in a downtrend for 114 days, its breakout date would likely occur around 90 days later, or sometime in October. However, he acknowledges that there is a possibility that the current situation may not unfold exactly like it did in 2019.

“It’s kind of interesting to think about in terms of where we are, so in the short term, there is a chance that this trend line might become important. That doesn’t mean it’s going to play out exactly like 2019. We’ve already tagged the trendline three times.”

In 2019, Bitcoin experienced a similar channel and tested the trendline three or four times before ultimately breaking out above it. Cowen advises keeping this information in mind.

Bitcoin is currently trading at $55,662, reflecting a 3.49% decrease in the last 24 hours.

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