Popular Analyst Predicted Bitcoin’s Latest Slide and Sees More Pain Ahead

Benjamin Cowen is claiming vindication with bitcoin’s price near $75,000, saying the fourth-quarter stock correction he warned about all year has arrived on schedule. Market analyst Benjamin Cowen told his followers on Nov. 9 that a correction in equities was always his reason for expecting bitcoin to fall in the fourth quarter. He wrote: Minutes later, he posted a video showing a chart zone traders usually draw from bitcoin’s 20-week and 21-week moving averages. The timing gave him plenty to point at as bitcoin fell to about $73,900 late Sunday, its lowest level since August, before climbing back above $75,000. It is currently trading at $75,400. U.S. spot bitcoin exchange-traded funds (ETFs), meanwhile, have shed about $1.28 billion last week.

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