Following a recent drop in Bitcoin (BTC) prices, crypto analyst Benjamin Cowen<\/strong> indicates that the cryptocurrency market may still face additional declines in the upcoming weeks. As Bitcoin retreated to approximately $73,500, it approached the 20-week simple moving average (SMA), which has historically suggested a period of bull market support.<\/p>\n Despite a short-term rebound, Cowen emphasizes that this movement does not signal the end of the prevailing downtrend. He pointed out that Bitcoin has previously managed to recover after touching the 21-week exponential moving average (EMA) only to experience further drops. A similar pattern could unfold as it approaches the 20-week SMA.<\/p>\n Cowen’s outlook raises concerns that Bitcoin may soon drop below its current bull market support band. This prediction is informed by Bitcoin’s historical performance during the final quarter of the year, particularly in years when the U.S. holds midterm elections. He raised the possibility that declines in the NASDAQ index might add to the selling pressure on Bitcoin.<\/p>\n The analyst also recalled that other cryptocurrencies like Ethereum have previously lost their support levels in bull market conditions, further suggesting a challenging environment ahead.<\/p>\n According to Cowen, the current price movements of Bitcoin exhibit a gradual downward trend, characterized by temporary rallies that are often succeeded by renewed selling pressure. He noted that Bitcoin’s recent weekly close below the 50-week moving average marks a troubling development, as historically, substantial gains tend to follow when the price surpasses this level.<\/p>\n For instance, Bitcoin surged approximately 30% in 2019 and 2023 after breaking above the 50-week moving average, whereas this latest breakout was limited to about 10% before retracting.<\/p>\n Cowen anticipates that the true bottom for Bitcoin may materialize in December. He referenced past interest rate hike cycles wherein Bitcoin has shown a tendency to weaken around 58 and 94 days after the initial rate increase. Currently, the cycle is on day 54, with the critical 94-day mark expected in December.<\/p>\n Recalling Bitcoin’s low in mid-December 2018, Cowen suggests that the upcoming Federal Reserve meeting could significantly influence market dynamics. A potential pause in interest rate hikes could shift market expectations, yet selling pressure is likely to persist in the interim.<\/p>\n Moreover, Cowen advises investors to remain composed during this volatile period. He cautions against panicking during price dips, as this can lead to greater losses if investors buy back in at higher prices after selling off their holdings during sharp declines.<\/p>\n This analysis is for informational purposes and should not be considered investment advice.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin Price Trends: Analyst Predicts Further Decline Ahead Following a recent drop in Bitcoin (BTC) prices, crypto analyst Benjamin Cowen indicates that the cryptocurrency market may still face additional declines in the upcoming weeks. As Bitcoin retreated to approximately $73,500, it approached the 20-week simple moving average (SMA), which has historically suggested a period of […]<\/p>\n","protected":false},"author":14,"featured_media":61305,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Benjamin Cowen Predicts Bitcoin Drop; Watch Critical Support - Bitrabo","description":"Bitcoin Price Trends: Analyst Predicts Further Decline Ahead Following a recent drop in Bitcoin (BTC) prices, crypto analyst Benjamin Cowen indicates that the c"},"_slim_seo_primary_term_category":0,"_slim_seo_primary_term_post_tag":0,"footnotes":""},"categories":[316],"tags":[15624,2897,448,1365,1128,984,2537,2032,1191,981],"class_list":["post-61304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-benjamin","tag-bigger","tag-bitcoin","tag-cowen","tag-critical","tag-drop","tag-expects","tag-eye","tag-level","tag-support"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/61304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=61304"}],"version-history":[{"count":1,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/61304\/revisions"}],"predecessor-version":[{"id":61306,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/61304\/revisions\/61306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/61305"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=61304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=61304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=61304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/span>Short-Term Rebound Not Reflective of Long-Term Trends<\/span><\/h2>\n
<\/span>Potential Decline Below Support Levels<\/span><\/h2>\n
<\/span>Current Movement: A Gradual Downward Trend<\/span><\/h2>\n
<\/span>Looking Ahead: December as a Crucial Month<\/span><\/h2>\n
<\/span>Investor Sentiment and Strategy<\/span><\/h2>\n