Popular crypto analyst Benjamin Cowen says Bitcoin (BTC) may have an explosive counter-trend rally if one event occurs.

In a new YouTube video, Cowen tells his 892,000 subscribers that Bitcoin might repeat its 2019 price action when BTC rallied to a lower high during the early stages of its correction before heading to lower levels and bouncing.

According to Cowen, Bitcoin might mirror the price action and drop to a new 2025 low before sparking a massive counter-trend surge.

“Let’s suppose that it does result in a lower high. Let’s just be pessimistic for a moment. Okay, let’s say it results in a lower high, and then it goes to a lower low. There is still a chance that a lower low, like what happened in 2019, could find support still in this range [between $69,000 and $75,000], which is ultimately where you would want to find support at the lowest for the cycle to continue.

So the good news is, since we didn’t really go in that range, if there is another drop, I would imagine there would at least be some support there, and then it could lead to a larger counter-trend rally. Back then, it just swept the price, it swept the high from the death cross rally. But it could lead to something more substantial.”

Cowen notes that the counter-trend rally in 2019 was short-lived as macroeconomic conditions suddenly worsened.

“Now, the reason why the secondary rally failed right there, of course, was because the market can no longer ignore the recession. That was the issue. The market can’t ignore an unemployment rate at like 15%.”

Bitcoin is trading for $84,675 at time of writing, up 1.1% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Here’s What Could Lead to Large Counter-Trend Rally for Bitcoin, According to Benjamin Cowen appeared first on The Daily Hodl.

Popular crypto analyst Benjamin Cowen says Bitcoin (BTC) may have an explosive counter-trend rally if one event occurs.

In a new YouTube video, Cowen tells his 892,000 subscribers that Bitcoin might repeat its 2019 price action when BTC rallied to a lower high during the early stages of its correction before heading to lower levels and bouncing.

According to Cowen, Bitcoin might mirror the price action and drop to a new 2025 low before sparking a massive counter-trend surge.

“Let’s suppose that it does result in a lower high. Let’s just be pessimistic for a moment. Okay, let’s say it results in a lower high, and then it goes to a lower low. There is still a chance that a lower low, like what happened in 2019, could find support still in this range [between $69,000 and $75,000], which is ultimately where you would want to find support at the lowest for the cycle to continue.

So the good news is, since we didn’t really go in that range, if there is another drop, I would imagine there would at least be some support there, and then it could lead to a larger counter-trend rally. Back then, it just swept the price, it swept the high from the death cross rally. But it could lead to something more substantial.”

Cowen notes that the counter-trend rally in 2019 was short-lived as macroeconomic conditions suddenly worsened.

“Now, the reason why the secondary rally failed right there, of course, was because the market can no longer ignore the recession. That was the issue. The market can’t ignore an unemployment rate at like 15%.”

Bitcoin is trading for $84,675 at time of writing, up 1.1% in the last 24 hours.

Follow us on X, Facebook and Telegram

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Here’s What Could Lead to Large Counter-Trend Rally for Bitcoin, According to Benjamin Cowen appeared first on The Daily Hodl.