Popular crypto analyst and trader Benjamin Cowen, the leading cryptocurrency Bitcoin (BTC) He shared his views on price expectations as it continues to trade below $50,000.
Cowen, who shared a new video on his YouTube account with 679,000 subscribers, BTCHe noted that .
Bitcoin is trading at $46,265 at the time of writing and has dropped more than 2% in the last 24 hours.
The 20-week SMA is around $53,000 and the 21-week EMA is just below $51,000, which means Bitcoin could be volatile for several months, according to Cowen.
“Historically, when we have weekly closes below that, we know that it went below the 20-week SMA, and we may have to wait a few months before breaking above that.
If you remember the summer months, it broke down in mid-May and actually we didn’t see an upward break again until August.
This time, we got below that at the end of November, so it’s been a little over a month so far. I mean, it seems perfectly logical that we still have a long way to go before we get above that.”
Cowen doubts that Bitcoin will have a parabolic Q1 2022 and predicts that the top crypto asset will be “range-bound for a while.”
“I don’t really see a huge market cycle frenzy for bitcoin, not until 2022 at the earliest and again not until 2023.”
However, he believes that if Bitcoin manages to climb above $53,000, the leading cryptocurrency will be bullish.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.