00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Bitcoin fell below its bear market resistance band on Wednesday,
00:06with crypto analyst Benjamin Cowan warning the move resembles prior midterm year fakeouts.
00:12In a podcast, Cowan said,
00:14Bitcoin's push above the 20-week SMA near $74,000 and the 21-week EMA lacked the follow-through
00:22seen in true trend reversals. He compared the pattern to the 2018 and 2022 bear market
00:29rallies, which briefly broke above key resistance before rolling over.
00:34Cowan said the current setup most closely mirrors 2018, with potential weakness expected into June
00:40or July and another possible drop toward a cycle bottom in September or October.
00:46He added that Bitcoin bear markets historically end through time-based capitulation rather than
00:51one final price collapse. Ethereum and XRP also fell over the past 24 hours, dropping 4.5%
00:58and 3% respectively.
01:00For all things money, visit Benzinga.com.
Comments