Crypto analyst Benjamin Cowen thinks the flagship cryptocurrency BTC is about to reach a critical level. According to the analyst, Bitcoin may finally be approaching a critical juncture where it must choose a direction.
In a new strategy session, Cowen told his 725,000 YouTube subscribers Bitcoin’s higher lows in a pattern similar to any other period in its history. (a higher bottom than the previous low) It says it’s recorded.
Other times when Bitcoin formed the current market structure, it rallied in 2013 and entered a bear market in 2018, according to the analyst.
“There were several times when we saw similar price action. Once in 2013, we were also creating higher lows. We created a low, we created a higher low, and finally we continued. And then in 2018 where we created higher lows…
We were building higher lows in 2018 so you could argue the same thing (which happened in 2013), but in the end, that low finally dropped further and we got a lower low (a lower low than the previous low). ) we created.”
Cowen looked at what might come next for Bitcoin as the leading crypto asset by market cap, BTC, has historically created a pattern that has led to major reversals. The analyst said that to regain the uptrend and reduce the possibility of a bear market, BTC must retrace its 200-day simple moving average (SMA), which is currently at around $49,000.
“If Bitcoin can find the courage to come back and break above its 200-day SMA and reach the $50,000 level, then that would actually be a bullish sign for Bitcoin if we don’t create a lower low…
What happens if we create a lower low? What if we go down and like the bottom $30,000 and then bounce? The thing to consider is that even if we go lower, we still have a good chance of going back to $40,000, or maybe $42,000 to $43,000. There is still a good chance for that to happen.”
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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.