Popular crypto analyst Benjamin Cowen bitcoin (BTC) warns its investors that the top crypto asset is currently showing an “anxious indicator”.
In a new YouTube video, Cowen tells his 784,000 subscribers that it’s the first time Bitcoin has experienced a weekly death cross.
A death cross occurs when a short-term moving average falls below a long-term moving average and reflects price weakness.
The analyst states that BTC’s 50-week simple moving average (SMA) is at $24,678 and its 200-week SMA is currently at $24,999.
Cowen said,
“Normally in bear markets we hardly ever go below the 200-week SMA. If Bitcoin is down though, it’s a relatively short period of time. Mostly it consists of candles. Now, in this bear market, we have been below the SMA mostly since June.
NEWS CONTINUES BELOWNow BTC is back at the 200-week SMA, but we have not definitively broken the level that has historically been held as support.”
Cowen said the worst-case scenario for Bitcoin was during the dot-com crash of 2000-2002. NasdaqHe says it will be to imitate.
“There is a 77% retracement followed by a 60% rally to the 50-week SMA, followed by a slow drop to the last low. But keep in mind that even the Nadaq, when you get it, actually has a kind of local double top where it goes up to 50 weeks, comes back, navigates for a month, comes back, and then goes down. That’s actually what the Nasdaq has done in the past, so maybe you should pay attention to that.”
As Koinfinans.com reported, BTC is trading at $21,721 at the time of writing.