Bitcoin Dangers Breaking Under $23K in Traditional Pre-Halving Droop

• Benjamin Cowen warned in his newest evaluation that BTC’s value might drop to beneath $23K within the subsequent few weeks.
• The analyst primarily based his bearish prediction on BTC’s efficiency throughout earlier pre-halving years.
• From a technical standpoint, BTC’s value broke beneath the 9-day EMA line over the previous 24 hours.

The cryptocurrency analyst and dealer Benjamin Cowen warned that the worth of Bitcoin (BTC) may drop to $23K, and probably even beneath this mark, via the course of the subsequent few weeks. In his evaluation, Cowen primarily based his prediction on the efficiency of BTC throughout the month of September in earlier pre-halving years.

Though September has traditionally been a bearish month for the cryptocurrency market, the analyst didn’t rule out the potential for BTC closing this month off on a optimistic be aware. In an try and gauge whether or not the main cryptocurrency will shut this September within the inexperienced, Cowen recalled the occasions of September 2019.

This era was the yr earlier than the earlier halving occasion and was a interval whereby BTC displayed related value motion to that of this month. Again then, the primary 21 days of September 2019 noticed BTC’s value rise greater than 4%, solely to shut the month off beneath -10%. Subsequently, the analyst warned that historical past might repeat itself this month.

This bearish situation appears to have began all through the previous day of buying and selling. The cryptocurrency market monitoring web site CoinMarketCap indicated that BTC’s value had slipped 0.98% over the previous 24 hours. Consequently, the main cryptocurrency was altering palms at $26,666.78 at press time.

From a technical standpoint, BTC had dropped beneath the 9 EMA line on its each day chart all through the earlier 24 hours, and continued to commerce beneath this technical indicator. If BTC closes at present’s buying and selling session beneath the 9-day EMA line, then it might be prone to falling to the help stage at $26K within the subsequent 48-72 hours.

However, a each day candle shut above the 9 EMA line at present could also be adopted by BTC flipping the $26,915 resistance stage into help. Thereafter, the cryptocurrency’s value may proceed to rise to $27,915 within the following week.

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