A followed crypto strategist is doubling down on his prediction that Bitcoin (BTC) is most likely to witness a deep correction this month.

Analyst Benjamin Cowen tells 786,000 YouTube subscribers in a new strategy session that Bitcoin is likely to show negative returns in September.

“September is not usually a great month for crypto. Bitcoin – you can see – it usually averages negative in September, much worse than other months.”

According to Cowen, Bitcoin could see a drop of over 10% from current levels this month.

“Given the seasonality and momentum of Bitcoin, and the only monthly close below $27,000, it would at least make sense that there is a good chance that Bitcoin will test $23,000.

My guess is that the odds are good that it will happen in September.”

Late last month, Cowen issued a warning based on historical precursors that Bitcoin could drop to $23,000 in September.

At the time of writing, Bitcoin is trading at $25,789.

Cowen also proposes a scenario where altcoin markets in general may have a chance to bounce back next year. According to the analyst, the combination of macro factors could give altcoin markets an opportunity for a revival next year.

“Volatility usually increases in the year of the cutoff because this is also an election year. And remember, election years bring more uncertainty.

We’re also in an unprecedented cycle of rate hikes so aggressively, and at this pace, we’ll likely start to see the job market impact of all those rate hikes by the end of this year or early next year.

So if the job market is in a period of declining inflation, maybe a recession, and at the same time an election year when those in power will want to do whatever they can to stay in power, we don’t want to watch companies go bankrupt, so it’s probably a good idea to return to some loose monetary policy under political pressure. There will be political pressure. That way we don’t keep increasing forever and we don’t watch all these companies go bankrupt.

So at a certain point in the election year, you should expect quantitative easing to return somehow, as we saw in 2020. This is normally when the altcoin market starts to perform well again.”