This is how far Bitcoin (BTC) could fall in September, according to crypto analyst Benjamin Cowen
Top crypto analyst Benjamin Cowen says Bitcoin (BTC) could see a significant market correction next month based on its historical performance in September.
Cowen tells his 762,500 followers on social media platform X that Bitcoin could fall more than 16% from its current value in September.
“Good odds we’ll see $23,000 BTC in September.”
Credit: Benjamin Cowen/X
Looking at the trader’s chart, Cowen appears to be predicting that Bitcoin will drop to the $23,000 price level to retest it as support.
At the time of writing, Bitcoin is trading at $27,427, up over 5% in the last 24 hours.
Cowen also shares a chart showing that September is the biggest bearish month for Bitcoin in terms of average return. Cowen emphasizes that Bitcoin posted significant losses in September 2019, the last year before the halving, and that this September falls in another year before the halving.
“September BTC average return is -7%.
In 2019 (the last year before the halving), BTC fell 13.91%.”
Credit: Benjamin Cowen/X
Cowen says just because Bitcoin is likely to fall in September doesn’t mean the price won’t be volatile. He reckons that given the overall downtrend, Bitcoin could rally and make lower highs similar to the September 2019 price action.
“Of course, getting there is a stochastic process. Even in 2019, we initially went up a bit in September, only to tip again at the end. So we could always make a lower high (rejection of the 20-week SMA (simple moving average)/21-week EMA (exponential moving average) or something) before we see $23,000.”
Credit: Benjamin Cowen/XDon’t miss a thing – Subscribe to receive email alerts straight to your inbox
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