Popular crypto trader Benjamin Cowenhas updated its outlook on Bitcoin (BTC), noting that it does not think Bitcoin (BTC) will escape the price recession anytime soon.
On his 687,000 subscriber YouTube channel, the analyst noted that Bitcoin is lagging far behind the ‘bull market support band’, a market indicator derived from the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
Bitcoin (BTC) It is currently trading at $42,246, which is well below the 20-week SMA ($52,400) and the 21-week EMA ($49,600).
“Yes, the market is in decline. Better just say what it is, right? The market is down right now.”
As for his views on the first quarter of this year, the crypto trader BTC pricebelieves that the company will not print mind-blowing gains in the coming months.
“Things are going to heat up a little here, are we going to go a little lower or, after going up, come back to test ($40,000 level), even in the best-case scenario it will be possible for us to go above $50,000 and then test that and turn it into a support level.
No matter how you look at it, whether I get the biggest bullish situation I can imagine or the biggest bearish one I can imagine, to be realistic I don’t see a parabolic first quarter 2022…
More importantly, this market structure [30.000 ila 60.000 dolar arasında değişen] Continuing to build up would be to eventually break above the bull market support band, hold it as support, and then continue trending higher.”
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