Analyst Benjamin Cowen predicts the potential duration of Bitcoin correction

CoinDesk Report:
A highly regarded cryptocurrency analyst has suggested that investors may not be able to expect a rebound in Bitcoin (BTC) for at least a few months.
In a new video update, cryptocurrency strategist Benjamin Cowen told his 802,000 YouTube subscribers that based on historical trends, the king of cryptocurrencies could remain in a downtrend until September or October before experiencing an uptick.
Looking at the charts for BTC in 2019, Cowen pointed out that it took Bitcoin around 202 days to break free from a similar downtrend, and the same pattern may be forming this time.
“If you really look at the timeframe, from when Bitcoin broke the 2019 high to when it actually broke the channel, excluding the pandemic crash, it took about 202 days, which is quite a long time.”
Source: Benjamin Cowen/YouTube
Cowen went on to say that since the largest cryptocurrency by market capitalization has already been in a downtrend for 114 days, its breakout date would be around 90 days later or sometime in October. However, he noted that it may not develop in the same way as it did in 2019.
“If you look at where Bitcoin is now and the amount of time it’s been in this channel so far, it’s about 114 days or 115 days. 202 days would actually put you all the way out in October…
From where we are now, it’s a bit interesting, so in the short term, this trendline might become important. It doesn’t mean it’s going to play out exactly like 2019. We’ve already marked up three [trendlines].
In 2019, we had a similar channel, and I think we marked it up three or four times before it finally broke, so that’s just something to keep in mind.”
Source: Benjamin Cowen/YouTube
At the time of writing this article, Bitcoin’s trading price is $55,662, down 3.49% in the past 24 hours.
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