Crypto analyst Benjamin Cowen bitcoin He thinks (BTC) price is preparing for a trend change that could result in an explosive rally similar to the one in 2019.
Expressing his views in the new video he published on his YouTube channel, Cowen stated that three different technical indicators converged at a critical level for Bitcoin.
Benjamin CowenHe noted that the 50-week moving average is in a bearish trend and the 200-week moving average is in an uptrend. The analyst noted that both are moving towards each other. These two moving averages are likely to meet around $25,000, BTC’s recent high.
The 50-week average continues to decline. The 200-week average is rising. We could see the price move towards it as well, i.e. the previous local top of $25,200. We see that the current local level is in the same place.NEWS CONTINUES BELOW
Cowen thinks the convergence point is similar to 2019 conditions, which saw an explosive rally past the $6,000 price level, although many predicted that price will act as resistance.
I imagine getting past $25,000 would be a struggle. However… there were a lot of people here who said it would take a long time to break $6,000 in 2019. They said, ‘We will come back and it will take forever to break this. However, things did not turn out like that, the breakdown happened very quickly.
Cowen stated that he is closely following the $25,000 price level for the continuation of the Bitcoin rally.
There are crowds around the $25,000 level, and especially after a 60% rally… If we can make it, see what the 60% move does. Will it stop here? Or will it break like in 2019?
$25,000 will be a level I think a lot of people look at to see if Bitcoin can break this level and if it can, how fast it can move beyond that level. If it can’t, will it bounce right back like it did in 2015?