Analyst Benjamin Cowen Issues Bitcoin Warning as BTC Begins Weekly Decline His YearEnd Outlook

Coin World Report:
After a prominent cryptocurrency analyst issued a warning about Bitcoin, BTC’s attempted breakthrough failed and it fell to the $66,000 range earlier on Monday.
In a new video update, cryptocurrency strategist Benjamin Cowen, who has garnered significant attention, told his 818,000 subscribers on YouTube that Bitcoin shares similarities with the 2019 pullback.
“If Bitcoin really starts to falter, if it can’t break through this (around $70,000) resistance level, if it starts to falter, then it’s going to start to look a lot more like 2019… What didn’t end up happening is, when Bitcoin broke out in 2019, we had 75 basis points of rate cuts and quantitative easing (QE). We don’t really have that now.”


Source: Benjamin Cowen/YouTube
Cowen suggests that it may require another interest rate cut by the Federal Reserve to propel Bitcoin past the resistance level.
“If Bitcoin gets rejected for whatever reason, and people are wondering what happened, I think you just go back to that question and say, well, maybe we need another rate cut, maybe we need more quantitative easing to get to higher levels.”
At the time of writing this article, Bitcoin’s trading price stands at $66,948, down 2.4% in the past 24 hours.
Looking ahead to the remaining time of this year, Cowen told his 869,100 followers on social media platform X that Bitcoin dominance (BTC.D) could reach 60% in less than three months. BTC.D tracks the percentage of the total cryptocurrency market value that belongs to Bitcoin.
“After the first rate cut, I said BTC dominance would shoot up to 59%, then pull back, and then slowly descend to 60% before EOY (end of year). I think that path is still on track. BTC’s dominance will reach 60% before EOY.”


Source: Benjamin Cowen/X
Analysts are also closely watching the US Dollar Index (DXY), which measures the value of the US dollar against a basket of other widely traded global currencies.
A strengthening DXY could mean increased selling pressure for Bitcoin and other digital assets, as investors may shift funds into the US dollar.
“Another week has passed, and DXY continues to rise. Many believed DXY would collapse a few weeks ago. I think it will keep rising through EOY and then decline by 2025.”