Widely followed crypto analyst and trader Benjamin Cowen talked about his scenario in Bitcoin.
Cowen calls the 20-week MA the “bull market support band” along with the 21-week exponential moving average (EMA). These technical indicators are at about $43,500 at the time of writing.
At the beginning of August, Bitcoin broke above this level when it crossed $ 40,000.
The analyst mentions that BTC, which has tended to fall below this level for the first time since then, is approaching the possibility of ending its bull cycle. For this reason, it is very important for BTC to close above $ 43,500 this week.
Because again, a close below this EMA20 may trigger further decline.
Although Cowen interprets the closes below the EMA20 as an event ending the bull cycle, he believes that BTC has not yet seen its full peak. So the $64,000 peak isn’t the real peak for Cowen.
The famous analyst who said that he thinks realistically despite all this thought:
“We are far from the next Bitcoin halving, if there is a serious decrease to the level of $ 15,000, “yes, I say $ 64,000 is the peak”, but we still cannot say that the bull market is completely over unless there are such sharp decreases. If there is a serious decrease to see $ 15,000, this time we will have to wait for the halving in BTC. There is still more time for that…”