BTC price action mirrors 2022 bear market, another plunge possible, analyst says

Crypto analyst and YouTuber Benjamin Cowen has warned that another sharp drop in Bitcoin's price could be imminent, arguing that recent price movements resemble the 2022 bear market. Speaking on his YouTube channel on March 25, Cowen noted that despite Bitcoin's historical tendency to perform well in March, the current trend is more bearish. He pointed out that Bitcoin has failed to reclaim its 21-week moving average and has simply experienced another decline. Cowen suggested that the next leg down could arrive much sooner than many anticipate, emphasizing that relying solely on the Relative Strength Index (RSI) to call a bottom is an incomplete analysis. A comprehensive review of on-chain metrics suggests that BTC has not yet found its floor, he added.