A widely followed crypto analyst says the leading crypto asset hovers above the $30,000 level. bitcoin He predicts more rally for (BTC).
In a new strategy session, crypto- Analyst Benjamin Cowen tells his 783,000 YouTube followers that the top crypto asset by market cap looks poised to build on the gains that started this year.
However, Cowen warns that BTC tends to consolidate for weeks or months after rising.
An interesting thing about these rallies that Bitcoin has made after it has broken out from or at least above the 20-week (moving average) level is that most of the time most of the movement happens pretty quickly, and then you spend the next month or two consolidating.
NEWS CONTINUES BELOW
Citing examples of BTC’s previous rallies this year, Cowen says Bitcoin investors should expect long periods of consolidation after an upswing.
The rise in early 2023 was really fast and after a few weeks we were technically higher, but mostly it was a slow bleed with a higher top at one point.
NEWS CONTINUES BELOWThe same thing happened at the rally in March. Most of the movement was in the first week, and then we went up a bit a few weeks later, but for a few months after that, we finally consolidated.
So you could argue that whatever is going to happen in the last uptrend, based on what we’ve seen here, it’s probably going to happen in the next few weeks, and then you could see some kind of longer consolidation period after that.
Looking at Cowen’s chart, he seems to predict that Bitcoin could rally as high as around $33,000 before slowly retracing to around $29,100 by September.
Cowen also says that Bitcoin seems to reflect the vibrations of the 2019 bullish price action, where BTC fired three 80 percent rallies from bottom to top. According to the top trader, Bitcoin has rallied around 60% so far this year, and if history repeats itself, it could be in the midst of a third surge that could bring the top crypto closer to $40,000.
Bitcoin is trading at $ 30,588 at the time of writing and has experienced a fractional decline in the last 24 hours.