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Bitcoin

End of Bitcoin Downtrend? Crypto Analyst Benjamin Cowen Looks at Worst-Case Scenario for BTC

by PumpMoonshot25 January 2022095
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Popular crypto trader Benjamin Cowen thinks Bitcoin (BTC) could drop quite a bit further before bouncing back up in price later this year.

Cowen tells his 700,000 YouTube subscribers that Bitcoin’s potential worst-case scenario over the next few months is based on the crypto asset’s 200-week moving average, which currently sits around $19,300.

That metric is moving up quickly, however, and by the second quarter of the year is projected to be around $23,000, according to the analyst.

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BTC previously plummeted down to its 200-week moving average during the crashes in December 2018 and March 2020. The trader notes the March 2020 pandemic-induced crash actually brought Bitcoin all the way down to its 300-week moving average.

“It only lasted for about one week or so. It basically was a wick, we came back up and then we ultimately went on a year-long rally, which took us from $3,800 to over about $64,000.”

Cowen predicts BTC could recover with a “sustained bounce” after dropping all the way down to the 200-week moving average at some point in Q2 of this year.

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Bitcoin is trading at $36,215.46 at time of writing, down more than 14% in the past week.

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ethereum Ethereum
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€1,906.08
EUR: €1,906.08
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7D Chart2.94%
ripple XRP
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polkadot Polkadot
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vechain VeChain
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EUR: €0.047
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  • bitcoinBitcoin(BTC)€28,627.063.78%
    BITCOIN
    24H : 3.78%
    Volume : €28,182,823,799.37
    Marketcap : €545,263,713,725.88
  • ethereumEthereum(ETH)€1,906.082.94%
    ETHEREUM
    24H : 2.94%
    Volume : €17,371,840,133.11
    Marketcap : €230,340,078,285.25
  • tetherTether(USDT)€0.9460.080%
    TETHER
    24H : 0.080%
    Volume : €49,582,278,139.56
    Marketcap : €70,182,739,217.41
  • usd-coinUSD Coin(USDC)€0.9460.170%
    USD COIN
    24H : 0.170%
    Volume : €6,822,680,031.37
    Marketcap : €49,899,843,507.87
  • binancecoinBNB(BNB)€288.874.08%
    BNB
    24H : 4.08%
    Volume : €1,506,751,167.42
    Marketcap : €48,607,169,135.96
  • rippleXRP(XRP)€0.3951.000%
    XRP
    24H : 1.000%
    Volume : €2,045,361,986.55
    Marketcap : €19,123,342,981.42
  • binance-usdBinance USD(BUSD)€0.946-0.04%
    BINANCE USD
    24H : -0.04%
    Volume : €6,377,765,117.10
    Marketcap : €17,556,418,477.18
  • cardanoCardano(ADA)€0.5001.06%
    CARDANO
    24H : 1.06%
    Volume : €810,018,703.80
    Marketcap : €16,913,337,204.22
  • solanaSolana(SOL)€49.122.13%
    SOLANA
    24H : 2.13%
    Volume : €1,567,568,793.47
    Marketcap : €16,675,720,052.52
  • dogecoinDogecoin(DOGE)€0.0820.570%
    DOGECOIN
    24H : 0.570%
    Volume : €475,438,364.94
    Marketcap : €10,834,864,697.83
  • polkadotPolkadot(DOT)€9.482.78%
    POLKADOT
    24H : 2.78%
    Volume : €634,480,755.41
    Marketcap : €10,565,927,919.01
  • wrapped-bitcoinWrapped Bitcoin(WBTC)€28,627.063.89%
    WRAPPED BITCOIN
    24H : 3.89%
    Volume : €466,518,072.15
    Marketcap : €8,003,036,347.50
  • staked-etherLido Staked Ether(STETH)€1,872.832.84%
    LIDO STAKED ETHER
    24H : 2.84%
    Volume : €25,642,157.69
    Marketcap : €7,866,012,041.92
  • avalanche-2Avalanche(AVAX)€28.07-2.84%
    AVALANCHE
    24H : -2.84%
    Volume : €709,978,193.04
    Marketcap : €7,561,238,408.83
  • tronTRON(TRX)€0.0702.66%
    TRON
    24H : 2.66%
    Volume : €930,722,872.72
    Marketcap : €6,774,568,861.15
  • shiba-inuShiba Inu(SHIB)€0.0000110.160%
    SHIBA INU
    24H : 0.160%
    Volume : €377,895,352.81
    Marketcap : €6,147,577,509.54
  • daiDai(DAI)€0.9470.180%
    DAI
    24H : 0.180%
    Volume : €385,667,310.63
    Marketcap : €5,830,576,961.14
  • litecoinLitecoin(LTC)€67.425.52%
    LITECOIN
    24H : 5.52%
    Volume : €664,316,046.67
    Marketcap : €4,741,564,661.72
  • crypto-com-chainCronos(CRO)€0.1853.98%
    CRONOS
    24H : 3.98%
    Volume : €32,164,044.05
    Marketcap : €4,673,530,867.13
  • leo-tokenLEO Token(LEO)€4.700.520%
    LEO TOKEN
    24H : 0.520%
    Volume : €2,433,532.24
    Marketcap : €4,391,236,779.30
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