Bitcoin's 'Death Cross' Formation Signals Imminent Market Crash, Warns Analyst Benjamin Cowen

Analyst Benjamin Cowen Issues Urgent Bitcoin Alert, Says "Death Cross" Now Looming Over BTC - Here's His Outlook

Renowned cryptocurrency analyst Benjamin Cowen has issued a dire warning to Bitcoin (BTC) investors, stating that the asset is now on the cusp of a "death cross" formation that could have devastating implications for the cryptocurrency's price.

In a tweet, Cowen highlighted a chart of BTC's 50-day and 200-day moving averages, which have converged to form a bearish "death cross" pattern. This formation is often seen as a harbinger of a prolonged bear market, as it indicates that short-term trends are no longer supporting the asset's price.

"Death cross is now forming on the daily chart," Cowen tweeted. "This is a very bad sign for BTC. I think we're looking at a major correction ahead. I'm not saying it's the end of the world, but this is definitely a warning sign."

Cowen's warning comes as Bitcoin's price has been struggling to maintain momentum, having fallen from its all-time high of nearly $65,000 in April 2021 to around $22,000 today. The analyst believes that the recent decline is not just a minor correction, but rather the start of a more significant bear market.

"I think we're going to see a major correction ahead, potentially down to the $10,000 to $15,000 range," Cowen told The Daily Hodl. "I'm not saying that's the end of the world, but this is definitely a warning sign. I think we're going to see a lot of pain ahead, and I think a lot of people are going to get hurt."

Cowen's dire outlook is not without precedent, as many other analysts and experts have also warned of a potential Bitcoin bear market. However, some remain optimistic, citing the asset's historical resilience and the potential for future growth.

As the cryptocurrency market continues to navigate the choppy waters of volatility and uncertainty, investors are left to wonder what the future holds for Bitcoin and other digital assets. One thing is certain, however: the "death cross" formation is a warning sign that should not be ignored.