Bitcoin's Post-Golden Cross Correction Playing Out — Benjamin Cowen Flags Signs Of Q3 Weakness

Crypto analyst Benjamin Cowen warns that Bitcoin’s BTC/USD recent correction could deepen through Q3, pointing to familiar patterns in key technical indicators.

What Happened: In his June 4 podcast, Cowen noted that Bitcoin has dropped around 7–8% from all-time highs, nearing his forecasted 10–15% pullback following a golden cross. He emphasized that the "supply in profit" metric, currently at 96.71%, is flashing warning signs as previous market tops have occurred when this indicator exceeds 97–99%.

Cowen explained that historically, market pullbacks follow when profit-taking saturates the market. Notable peaks, including those in March 2024 and December 2024, coincided with this metric topping 97–98%.

When the supply in profit gets really well above 90%, you at least need to be on the lookout for a pullback, Cowen warned.

Also Read: Bitcoin Stalls At $106,000: What’s Coming Next?

What's Next: Cowen sees mid-June as a critical period. He flagged a recurring seasonal pattern where Bitcoin has shown weakness in Q3 for the past two years. If BTC fails to break higher soon, it's probably setting up for some Q3 weakness.

Cowen outlined two scenarios:

• Bullish case: BTC holds the bull market support band as it did in 2023, allowing a continued uptrend.
• Bearish case: A deeper correction toward the $60,000s, potentially signaling that the current cycle has peaked.

Despite near-term caution, Cowen remains more bullish on Bitcoin than altcoins, saying Bitcoin offers better upside-to-downside risk. He noted that altcoins tend to stand still when Bitcoin rallies.

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• Bitcoin, Ethereum, XRP, Dogecoin Tick Up As ‘Battle For $105,000’ Intensifies

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