Source: Benjamin Cowen\/YouTube<\/figcaption><\/figure>\nBased on the trader\u2019s chart, he seems to suggest that a looming death cross foreshadows a Bitcoin correction, as witnessed in 2019 and 2021.<\/p>\n
The widely followed analyst also unveils his outlook in the event that his bearish prediction takes place.<\/p>\n
\u201cUsually there\u2019s a low around the time of that death cross and depending on how low the price is at that time would sort of give us some insight into the fate of the next rally \u2013 whether it\u2019s a rally to a new high or just a counter-trend rally to a lower high.\u201d<\/em><\/p>\nAccording to Cowen, a drop below $70,000 could mean that Bitcoin has broken the market structure and will not rise above the current all-time high of around $109,000.<\/p>\n
\u201c\u2026[BTC could] resolve to a lower high if Bitcoin goes into the $60,000s, especially the low $60,000s\u2026 \u2026if it\u2019s like $63,000, it\u2019s going to be hard to ignore.\u201d<\/em><\/p>\nIf Bitcoin carves a local bottom above $70,000, Cowen says,<\/p>\n
\u201cIf it holds above $73,000, then there\u2019s no guarantee with the market, but it would suggest that the structure of the market remains intact.\u201d<\/em><\/p>\nBitcoin is trading at $85,052 at time of writing.<\/p>\n