Cryptocurrency analyst Benjamin Cowen has issued a warning regarding Bitcoin (BTC) as the leading digital asset remains below $100,000. Cowen, who has 858,000 subscribers on YouTube, suggests that if the yield on the US Treasury 10-year continues to rise, it will have a bearish impact on Bitcoin. He points out that Bitcoin could potentially follow a similar pattern to what occurred in the second half of 2023 when the cryptocurrency dropped below a range low of approximately $30,000 and remained subdued for several weeks.

Cowen emphasizes the importance of monitoring the 10-year yield, stating that if it continues to rise, it will pose a challenge for Bitcoin. He also references the 2023 event, where Bitcoin experienced a significant drop below $30,000 and remained below that level for an extended period. As a result, the market weakened until it eventually sold off and found demand below $25,000.

According to Cowen, if Bitcoin’s price action resembles that of 2023, it could potentially decline by up to 28% from its current level. He suggests that Bitcoin may spend some time around $88,000 to $89,000 before testing the $70,000 mark and attempting to find support at that level.

Furthermore, Cowen believes that Bitcoin’s short-term trajectory will likely be determined by its price action around the $100,000 level. If Bitcoin gets rejected again at $100,000 and drops below $90,000, Cowen suggests that the outcome similar to 2023, where Bitcoin retraces its post-election gains in the short term, becomes more likely.

At the time of writing, Bitcoin is trading at $96,900.

Source: Benjamin Cowen/YouTube

Source: Benjamin Cowen/YouTube