Bitcoin, Is It Okay to Buy Now? When Experts See the 'Real Decline'?

▲ Bitcoin (BTC)/ChatGPT generated image

Bitcoin (BTC) continues its short-term upward trend, but warnings are emerging from within the market that the next major downturn is already imminent.

According to The Crypto Basic on April 27 (local time), cryptocurrency analyst Benjamin Cowen predicted that Bitcoin's next bearish reversal is highly likely to begin between May and June. Specifically, he stated that downward pressure could intensify in approximately 3 to 34 days from the current point in time.

Cowen assessed that although the recent upward trend continues, it is closer to a limited rebound rather than a full-fledged bull market. He analyzed that the market could repeat a pattern of short-term gains followed by a decline, and the overall structure remains within a bearish trend.

In particular, regarding the $65,600 low formed in early April, he warned by citing past examples. He mentioned that in both 2014 and 2018, a larger decline followed a short-term rebound, explaining that the current structure cannot rule out the possibility of a similar development repeating.

He did not deny the market rebound itself. However, the key variable was identified as what trend would follow the rise. Indeed, in past cycles, strong rebounds were repeatedly followed by further declines, and the same pattern is observed to be continuing this time.

Cowen predicted that Bitcoin is likely to form a bottom only in the fourth quarter of this year. Only then, he expects, can a full-scale recovery and a new upward cycle begin.

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