In a month where many were looking hopefully for positive signs, celebrated cryptocurrency analyst Benjamin Cowen delivers a less optimistic forecast for Bitcoin (BTC) enthusiasts. During a recent strategy session, Cowen informed his YouTube followers about the possible storm on the horizon for the world's most famous cryptocurrency.
Historically, September has been a challenging month for cryptocurrencies, and Bitcoin in particular has felt this effect more than any other. Based on past trends, Cowen suggests that we can expect a negative return for Bitcoin during this month.
The expert does not hesitate to present numbers: a drop of more than 10% compared to the current price. He mentions, “If we consider Bitcoin’s seasonality and current momentum, along with the recent monthly close below $27.000, it would not be surprising to see the cryptocurrency test the $23.000 mark.” He had, in fact, expressed this very prediction last month.
Bitcoin currently hovers around $25.789, but looking at the bigger picture, Cowen also addressed the future of altcoins. He believes that a combination of macroeconomic events, including the possible easing of monetary policy during the upcoming election year, could breathe new life into altcoin markets.
Volatility, according to Cowen, is likely to peak amid the uncertainties of the upcoming election year and the changing economic backdrop. With government officials seeking measures to keep the economy moving, the possibility of a resumption of quantitative easing presents itself. If and when that happens, Cowen predicts that the altcoin market will begin to flourish once more.
But for now, it looks like Bitcoin is bracing itself for a more turbulent period. For those closely following the movements of the cryptocurrency market, it pays to listen to the advice of experts like Benjamin Cowen and prepare for any eventuality.
