Bitcoin’s rally may still be a few months away, according to renowned crypto analyst Benjamin Cowen. In a recent video update for his 802,000 YouTube subscribers, Cowen suggests that based on historical patterns, Bitcoin could continue its downtrend until September or October before experiencing an upward breakout.

Cowen points to Bitcoin’s 2019 chart, where it took the cryptocurrency 202 days to break out of a similar downtrend. He believes that a similar pattern could occur this time around. However, he also acknowledges that the current situation may not unfold exactly like 2019.

With Bitcoin already in a downtrend for 114 days, Cowen estimates that the breakout date would likely be about 90 days later, around October. He highlights the importance of the trendline and mentions that it has already been tested three times. In 2019, a similar channel was observed, with the trendline being tagged three or four times before the breakout occurred.

As of now, Bitcoin is trading at $55,662, experiencing a 3.49% decrease in the last 24 hours.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl, where this information is sourced from, does not recommend buying or selling any cryptocurrencies and is not an investment advisor.