Benjamin Cowan Explains Why The First Cryptocurrency Will Not Fall More Than 25% From All-Time Highs As Part Of The Current Correction
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Crypto analyst Benjamin Cowen predicted that the value of bitcoin will no longer fall below the $ 50 thousand mark. According to Cowan, as part of the current correction, the first cryptocurrency will not fall in price by more than 25% from the all-time high of $ 69 thousand, set on November 10.
The analyst recalled that a similar situation occurred in September, when bitcoin corrected after reaching $ 52 thousand. Then the value of the asset dropped to $ 40 thousand (23%), and then it returned to growth.
Cowan also added that the support line of the current bullish trend passes at the level of $ 51 thousand. Even if it drops to this mark, it is highly likely that the cryptocurrency rate will push off and begin to rise, the analyst says. Cowen did not rule out that false breakouts of this level may occur, after which the quotes will again return above $ 51 thousand.
On November 28, the price of bitcoin dropped to a minimum since the beginning of October at $ 53.2 thousand.Since then, the cryptocurrency has risen in price by more than $ 4 thousand (7%). At 11:30 Moscow time on November 29, the asset is trading at $ 57.3 thousand, and its capitalization is $ 1.08 trillion, according to CoinGecko.