According to popular crypto analyst Benjamin Cowen, three disparate metrics reveal that Bitcoin (BTC) bulls are in a solid position to take control of the market.
Cowen first told his 762,000 YouTube subscribers that Bitcoin is trading in the “low logarithmic regression band.” This represents a positive situation for the bulls. In addition, this band has not been breached over a ten-year period, except for a very short period during sales caused by Covid-19 in March 2020.
Cowen also noted that when Bitcoin trades below the 50-week moving average, it is “usually a matter of time” before it drops below the 100-week moving average and then the 200-week moving average.
Bitcoin has recently done just that, often falling completely below the 200-week moving average, which indicates that the leading crypto asset has reached the bottom of the market cycle.
“Ignore all that has been said in terms of macro stuff and just look at ‘X, Y and then Z’. Not once, not twice, not three times, but now it’s the fourth time. That’s the point for the bulls.”
Additionally, Cowen said that the 20-week moving average for Bitcoin has fallen below the 100-week moving average only three times in history. This happened in 2015, 2018 and more recently. According to the crypto analyst, the previous two transitions also corresponded to market cycle bottoms.
Bitcoin is trading at $ 23,074 at the time of writing. The top-ranked crypto-asset by market cap has dropped nearly 4% in the last 24 hours.
You can follow the current price action here.
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.