A trader who continues to build a following with timely calls on Bitcoin (BTC) and altcoins is issuing a warning on the broader crypto market.

Crypto analyst Benjamin Cowen tells his 1 million followers on the social media platform X that he sees Bitcoin breaking support at $100,000.

“Will likely see BTC back at its bull market support band soon, back in the mid-$90,000 range.”

The bull market support band is formed by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

The analyst says his prediction is based on Bitcoin’s price action in the last two years, when Bitcoin started to roll over and gave up gains in the third quarter.

“I’ve mentioned for a while on Youtube that Bitcoin would likely start exhibiting some weakness around mid-June as the Q3 weakness starts to present itself.

The same thing happened the last couple of years.

I think the next low is around August/September.” 

At time of writing, Bitcoin is trading for $105,092.

Looking at the altcoin market, Cowen warns that his expected Bitcoin correction will trigger a brutal capitulation event for alts.

“It may be finally time to rip the band-aid off for ALT / BTC pairs.

To the range lows!” 

A bearish altcoin versus Bitcoin chart indicates that alts are losing value faster than BTC.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A fast-tracked temporary crypto regulatory framework could bolster innovation within the US crypto industry while permanent regulations are still in the works, says acting US Securities and Exchange Commission (SEC) chair Mark Uyeda.

“A time-limited, conditional exemptive relief framework for registrants and non-registrants could allow for greater innovation with blockchain technology within the United States in the near term,” Uyeda said at the SEC’s April 11 Crypto Task Force roundtable titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”

Relief measures may address immediate challenges

Uyeda said this might be the short-term answer as the SEC works toward a “long-term solution,” at the roundtable with SEC members and crypto industry executives, including Uniswap Labs’ Katherine Minarik, Cumberland DRW’s Chelsea Pizzola, and Coinbase’s Gregory Tusar.

He flagged state-by-state regulation of crypto trading as a concern, warning it could lead to a “patchwork of state licensing regimes.”

Uyeda said that a favorable federal regulatory framework would ease the burden for market participants wishing to offer tokenized securities and non-security crypto assets, allowing them to operate under a single SEC license instead of navigating “fifty different state licenses.”

He urged crypto market participants to share feedback on areas where “exemptive relief” could be appropriate.

Uyeda also reiterated the benefits of blockchain technology in financial markets during the roundtable discussion. 

“Blockchain technology offers the potential to execute and clear securities transactions in ways that may be more efficient and reliable than current processes,” Uyeda said.

Uyeda to fill chair position until Atkins is sworn in

“Blockchains can be used to manage and mobilize collateral in tokenized form to increase capital efficiency and liquidity,” he added.

Uyeda will continue serving as acting SEC chair until US President Donald Trump’s nominee, Paul Atkins, is officially sworn in.

On April 10, the US Senate confirmed Atkins as chair of the SEC in a 52-44 vote largely along party lines. 

Related: SEC, Ripple file joint motion to pause appeals in XRP case

Uyeda has served as acting SEC chair since Jan. 20, succeeding former chair and crypto skeptic Gary Gensler. He’s been widely seen within the industry as a pro-crypto advocate.

On March 18, Cointelegraph reported that Uyea said the SEC could change or scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers.

“I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives, including its withdrawal,” Uyeda said.

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