BENJAMIN COWEN PREDICTS BITCOIN COULD FALL FURTHER: WATCH THIS KEY SUPPORT LEVEL. Cryptocurrency analyst Benjamin Cowen has shared his latest insights on Bitcoin’s price in his updated review. Following Bitcoin’s (BTC) recent pullback, Cowen believes the market has not yet reached its bottom and may continue declining over the coming weeks. Cowen noted that Bitcoin has dropped to around $73,500, touching the 20-week simple moving average (SMA), thereby entering the bullish market support zone. However, he emphasized that a short-term rebound from this level does not signal the end of the downtrend. Cowen recalled that Bitcoin previously rebounded after finding support at the 21-week exponential moving average (EMA), only to resume its decline afterward—suggesting a similar pattern could unfold at the 20-week SMA. Benjamin Cowen: “Bitcoin’s Bull Market Support Band Could Be Lost” Cowen considers it the most likely scenario that Bitcoin will break below its bull market support band in the near term. This expectation is based on Bitcoin’s historically weak performance during the final quarter of U.S. midterm election years. Cowen also noted that a correction in the NASDAQ index could further increase selling pressure on Bitcoin, pointing out that in the past, Ethereum and other crypto market indices have lost support levels after reaching them during bull markets. Cowen describes the current price action as a gradual downtrend. He observes that Bitcoin experiences temporary rallies following sharp sell-offs, but these recoveries are consistently followed by renewed selling pressure—a cycle he believes may persist for some time. Additionally, Cowen highlighted as another negative signal the possibility of Bitcoin closing the weekly candle below the 50-week moving average. He recalled that Bitcoin previously experienced strong rallies of around 30% in 2019 and 2023 after breaking above the 50-week MA. He noted that the recent surge was limited to roughly 10% before reversing, suggesting it may be a false breakout. Will Bitcoin Actually Bottom Out in December? Cowen, who believes Bitcoin has not yet hit its bottom in Q4 2026, pointed to December as a critical month. He noted that, based on historical interest rate hiking cycles, Bitcoin typically weakens around day 58 and day 94 after the first rate hike. Cowen observed that the current cycle is now at day 54 and added that historically, day 94 falls in December. Recalling that Bitcoin bottomed in mid-December 2018, Cowen suggested that the upcoming Federal Reserve (Fed) meeting could play a pivotal role in determining the market’s bottom. He believes a Fed pause in rate hikes could shift market expectations, but selling pressure may persist until then. Finally, Cowen advised investors to avoid emotional reactions to short-term price swings. He warned that those who panic-sell during sharp declines are likely to incur even greater losses when buying back during subsequent rallies. By Mete Demiralp