A crypto strategist who precisely predicted Bitcoin’s present downtrend says BTC might now be gearing up for a countertrend rally.
Analyst Benjamin Cowen tells his 1.1 million followers on X that he sees Bitcoin sparking a rally very quickly after plummeting to the low $70,000 vary.
“BTC simply dropped beneath the April 2025 low. If it doesn’t bounce quickly, that is going to be one hell of a midterm yr. If it could actually bounce, it offers us a number of months and will get us nearer to October with out a lot unhealthy value motion (doubtless the underside in time).
I really feel just like the bear narrative has been actually sturdy for some time, and so I might count on a countertrend rally quickly in order that it offers the bulls some hope for some time.
Nonetheless, I’ve realized my lesson in prior cycles, so I don’t try to commerce them. Countertrend rallies can occur, however generally they occur whenever you least count on them, not when everybody expects them. It is smart to imagine {that a} sweep of a previous low would provide some reduction, as that has been true for BTC even in the course of the bull market.”
Nonetheless, Cowan warns that Bitcoin might first have a deeper correction to its 200-week easy shifting common (SMA), presently round $57,000, earlier than mounting a rally primarily based on historic priority.
“However in 2014/2018/2022 when BTC fell beneath the 100-W SMA, it was straight to the 200-W SMA earlier than any reduction occurred. The time to promote BTC was late final yr, not panicking on dumps within the midterm yr. I simply attempt to concentrate on the larger image and the larger image is that late Q3/early This fall might be a greater time to maneuver actual a reimbursement into the market.
Between from time to time it’s simply individuals making an attempt to generate profits throughout tough instances by making an attempt to commerce assist/resistance ranges.”
Bitcoin is buying and selling for $73,082 at time of writing, down 4.1% at time of writing.
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