Top Analyst Benjamin Cowen Issues Bitcoin Warning, Says September Will Be a ‘Red Month’ – Here Are His Targets

A intently adopted crypto strategist is doubling down on his name that Bitcoin (BTC) will possible witness a deep corrective transfer this month.

In a brand new technique session, analyst Benjamin Cowen tells his 786,000 YouTube subscribers that Bitcoin is more likely to submit destructive returns in September.

“September simply tends to not be a fantastic month for crypto. Bitcoin – you possibly can see – it averages destructive in September, by an extended shot, a lot worse than another month.”

In response to Cowen, Bitcoin might witness an over 10% drop from present ranges this month.

“Given the seasonality of Bitcoin, and given the momentum, and the truth that we simply had a month-to-month shut beneath [$27,000], it might at the least stand to cause that there’s a very good probability that Bitcoin goes to go take a look at $23,000.

Most likely, I feel, a very good probability it’ll occur in September.”

Late final month, Cowen issued a warning that Bitcoin might drop to $23,000 in September primarily based on historic priority.

At time of writing, Bitcoin is buying and selling for $25,789

Cowen additionally outlines a situation the place the altcoin markets basically might come again to life. In response to the analyst, a confluence of macro tailwinds could give the altcoin markets a shot within the arm subsequent 12 months.

“Volatility usually picks again up within the halving 12 months as a result of it’s an election 12 months too. And bear in mind election years carry much more uncertainty.

Moreover, we’re in a rate-hiking cycle which we’ve by no means actually seen earlier than – this aggressive. And at this fee, we possible will begin to see the labor market present noticeable results from all these rate of interest hikes by the tip of this 12 months, early subsequent 12 months.

So if the labor market begins to indicate indicators of weak spot on the similar time that inflation is coming down, as a result of possibly we’re going right into a recession, and we even have an election 12 months the place the incumbents are going to wish to do what they will to attempt to keep in energy, there’s possible going to be some political stress to return to some looser financial coverage. Simply in order that we’re not persevering with to hike without end and watch all these firms go bankrupt.

So in some unspecified time in the future within the election 12 months, similar to we noticed in 2020, we’ll possible see quantitative easing return in some type. That is my guess. And when it returns, that’s usually if you would count on the altcoin market to start out doing properly once more.”

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