• Benjamin Cowen, a widely followed crypto analyst, has warned that Bitcoin (BTC) and crypto markets could face a correction to the downside due to history suggesting so.
• Cowen shares a chart plotting Bitcoin’s current year-to-date return on investment (ROI) overlayed with the average of the same metric for 2015 and 2019.
• Cowen says if history plays out the same way, this could result in BTC going back to $23k by later this year.
Benjamin Cowen Issues Bitcoin Warning
Widely followed crypto analyst Benjamin Cowen says that Bitcoin (BTC) and crypto markets don’t have history on their side right now, and are facing the threat of a hefty correction to the downside.
Cowen’s Chart Showing BTC Comparison
Cowen shares a chart plotting Bitcoin’s current year-to-date return on investment (ROI) overlayed with the average of the same metric for 2015 and 2019.
Possible Downward Target For BTC
If history plays out the same way, the analyst gives a rough target of $23,000 for Bitcoin, or about a 23% drop from current levels.
ETH Following Same Pattern?
Cowen shares the same chart for Ethereum (ETH), suggesting the same scenario for the world’s top smart contract platform.