00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Bitcoin fell below $77,000 overnight after a $6.3 billion hack at Binance,
00:09then recovered to around $78,000, according to Benzinga.
00:14Analyst Benjamin Cowan warned of a potential final fourth quarter sell-off
00:18ahead of the November 3rd U.S. midterm elections.
00:21Two consecutive weekly closes below Bitcoin's May high suggest a possible bull trap.
00:27Cowan outlined two scenarios.
00:30A pre-election capitulation below the $73,000 to $77,000 range,
00:35or a rebound towards $79,000 to $80,000,
00:40followed by another post-election decline.
00:42He identified the 200-day moving average near $73,000 as potential support
00:48if Bitcoin breaks below its 21-week EMA.
00:52Cowan also noted that trading volume has yet to show the capitulation spike
00:56associated with previous bear market lows.
00:58He expects a recovery in 2027.
01:01For all things money, visit Benzinga.com.
