Prominent analyst Benjamin Cowen predicts a correction for Bitcoin BTC/USD, Ethereum ETH/USD and altcoins in September.
What Happened: In a podcast on Aug., Cowen warned of a steep September correction across digital assets, citing historical post-halving patterns where July-August strength often flips into September weakness.
He drew parallels to 2013, 2017, and 2021, when Bitcoin corrected sharply after summer rallies.
Cowen expects Bitcoin, which peaked near $124,000 this cycle, to mirror the 2020 run-up when $12,400 marked a temporary high.
He said BTC has been “basically flat since early July,” with price action echoing prior cycles.
According to him, Bitcoin now has “a date with the 20-week SMA or 21-week EMA” taking it close to its bull market support band of $110,000-$115,000.
On Ethereum, Cowen sees a brief push to new all-time highs before Bitcoin turns lower, after which ETH could tumble 20-30%. He added that altcoins will suffer deeper 30-50% drawdowns, as liquidity rotates back into BTC dominance.
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What’s Next: Cowen flagged macro risks, warning the Fed’s likely September rate cut could spark higher bond yields, just as in 2023, accelerating the selloff.
He noted recent PPI data shows inflation “running hotter than expected,” further pressuring markets.
When the Fed cuts more than likely in September, there’s a really good chance that the 10-year yield will likely go up. This mirrors September 2023 when Fed cuts “basically marked a low for the 10-year yield.”
Bitcoin: ~6% drop to support. Ethereum: 20-30% decline after topping. Altcoins: 30-50% crash.
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