Investors may need to wait a few more months before Bitcoin (BTC) triggers a rally, according to a renowned crypto analyst. Benjamin Cowen, a crypto strategist with a substantial YouTube following, suggests in a recent video update that Bitcoin could remain in a downtrend until September or October before experiencing an upward breakout. Cowen refers to Bitcoin’s 2019 chart, where it took the cryptocurrency 202 days to break out of a similar downtrend. He speculates that a similar pattern may emerge this time around. However, he acknowledges that the current situation may not unfold exactly like 2019. Cowen highlights that Bitcoin has already been in a downtrend for 114 days, suggesting that its breakout date could be approximately 90 days later, potentially in October. He also mentions the possibility that the trendline may become significant in the short term, considering that it has already been tested three times. Despite the potential for a prolonged downtrend, Bitcoin is currently trading at $55,662 with a 3.49% decrease in the last 24 hours.
