In a recent update video, popular crypto analyst Benjamin Cowen is cautioning that Bitcoin (BTC) could experience a significant downturn while hovering around the lower $60,000 level.

Addressing his audience of 802,000 subscribers on YouTube, Cowen suggests that Bitcoin might retrace back to the $50,000 range displayed on the weekly chart during a potential “summer slowdown.”

Drawing parallels to the market behavior in 2021, where a decline took place in late April, followed by a multi-week upsurge in May, and subsequently a decline throughout the summer months, Cowen speculates about the possibility of a substantial pullback back into the $50,000s. He points out that the pullbacks witnessed in this cycle have been relatively minor when compared to previous cycles, stating, “We have not observed many significant pullbacks thus far. The majority of these retracements have been quite subdued, particularly when contrasted with the preceding cycle. These retracements have generally been around 20%, including the most recent one in May 2024, which only amounted to approximately a 23% downturn. In the previous cycle following the peak in 2019, we witnessed a 50% retracement. Subsequently, the pandemic escalated the downturn further… Even during the 2016 period, there were instances of more substantial pullbacks, such as 30% and 40%. Yet, as we discuss diminishing returns, it is plausible to expect decreasing volatility with the progression of these cycles, as it requires exponentially more capital to influence the price.”

Currently, Bitcoin is priced at $61,537, displaying a slight increase within the past 24 hours.

For the latest updates, remember to subscribe to receive email notifications directly to your inbox. Stay informed about price movements by following us on X, Facebook, and Telegram.

Disclaimer: The opinions expressed on The Daily Hodl do not constitute financial advice. It is advisable for investors to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please be mindful that all transfers and transactions are conducted at your own risk, and any resulting losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Kindly note that The Daily Hodl engages in affiliate marketing activities.
[Generated Image: Midjourney]