Well now, gather ’round, folks! It seems our dear friend, the cryptocurrency oracle Benjamin Cowen, has donned his fortune-telling hat and is predicting that Bitcoin (BTC) might just be on the brink of a little tumble after reaching heights that would make even a mountain goat dizzy. 🐐
In a recent gathering of his 898,000 YouTube disciples, Cowen proclaimed that Bitcoin is about to strut its stuff with a golden cross pattern on the daily time frame. Now, if that doesn’t sound like something out of a fairy tale, I don’t know what does!
Now, what in tarnation is a golden cross pattern, you ask? Well, it’s when the 50-day moving average decides to leap over the 200-day moving average like a cat over a fence. Cowen, with the wisdom of a sage, warns that while this pattern usually brings good tidings, it has a nasty habit of leading to Bitcoin “dumps” in the past. Talk about a party crasher! 🎉
“My prior experiences with golden crosses influenced me to think that with a golden cross, you get a correction. We had a correction after the golden cross in 2019, we had one in 2020. We had also had one after a golden cross in 2021… …we also had one after a golden cross in 2015 and that was a much deeper correction.”
According to our seer Cowen, Bitcoin might just take a nosedive of double-digit percentage points after this golden cross pattern makes its grand entrance. Sounds like a rollercoaster ride, doesn’t it? 🎢
“Looking at prior golden crosses… …just noticing that a lot of times you get a golden cross, you get about a 10 to 15% drop.”
But wait, there’s more! The ever-watchful Cowen adds,
“So my prior experiences with golden crosses with Bitcoin in 2023 had always told me that you rally up by the time you get to the point where you get a golden cross price action has already done very very well, people tend to get euphoric, they start calling for crazier and crazier price predictions in the short term. And then what ends up happening is then Bitcoin gets a pullback. And it keeps those people in check. And it’s just sort of a way of the market… calming down for a little while.”
As of this very moment, Bitcoin is trading at a whopping $110,911. So, hold onto your hats, folks, because this ride is just getting started! 🎩
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2025-05-23 17:46