Benjamin Cowen Finally Admits Failure in Bitcoin (BTC) Direction Prediction... "I Was Wrong"

▲ Bitcoin (BTC)

As Bitcoin (BTC) surged past its 50-week moving average and reached the $86,000 mark, breaking through its May high in one go, an analyst who had been leading the market's bearish outlook officially admitted his prediction failure.

Veteran trader Benjamin Cowen stated in a video uploaded to his YouTube channel on September 20 (local time), "I admit that my judgment that Bitcoin would not surpass its May high was clearly wrong." Cowen added, "I will not make excuses or try to evade responsibility by giving other pretexts," and "Anyone can be wrong when navigating financial markets, and this is such a moment for me."

Cowen pointed out the price trend where Bitcoin solidified its major support levels, then broke through the 50-week moving average, soaring to $85,815 and threatening the $86,000 mark. He admitted that his technical analysis framework had gone awry, stating, "Bitcoin breaking its May high was a scenario I had not anticipated at all this year."

He cited the failure to fully capitalize on dollar-cost averaging opportunities as the most regrettable aspect of his trading strategy this year. Cowen recalled, "The strategy set this year was to start buying from July, when the risk indicator was below 0.3," adding, "We did enter that range, but it only lasted for about 5 days." He further confessed that "five days was too short a time to fully utilize the opportunity," and he learned the lesson that one should act more boldly when good opportunities arise.

Cowen showed an attitude of accepting public criticism rather than avoiding it. He mentioned, "In the past, I have received both praise and harsh criticism," and "As I get older, I wish to be less known to the world." He concluded by saying that "other analysts who accurately predicted this upward trend deserve more attention for now," and he would calmly observe Bitcoin's price movements for the remainder of the year.

[Article Key Summary]

-As Bitcoin (BTC) surged to $85,815, surpassing its May high, Benjamin Cowen officially admitted the error in his bearish outlook.

-Cowen confessed that breaking the 50-week moving average and setting a new high was a trend he had not anticipated at all this year.

-He cited the biggest mistake as not being able to secure enough volume, as the buying opportunity below a risk indicator of 0.3 in July lasted only 5 days.

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