CandleFocus Bitcoin (BTC) May Be Due for Significant Correction As Technical Indicators Overextend: Benjamin Cowen
2024-12-24
Author: Content Editor
According to crypto analyst Benjamin Cowen, Bitcoin may experience a significant correction soon. Cowen suggests that the extension from the 20-week moving average is indicating bearishness for Bitcoin, potentially leading to a correction back to the bull market support band between $72,000 and $80,000. He also warns of the possibility of a more severe correction, with Bitcoin retesting a trendline that could bring it down to the $60,000 range. However, Cowen notes that historically, Bitcoin has often experienced a breakout followed by a backtest before continuing upward. At the time of writing, Bitcoin is trading at $98,610, up 5.8% in the last 24 hours.
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