Popular crypto analyst Benjamin Cowen says that Bitcoin (BTC) is approaching a critical juncture where it must ultimately choose a direction. The explanations of the crypto analyst regarding the price movement, which he calls the sinister price pattern, are in the continuation of our news…
Analyst examines the historical price movement of Bitcoin (BTC)
Analyst Benjamin Cowen, widely followed in the crypto market, YouTube He tells his subscribers that Bitcoin has recorded higher lows in a price pattern similar to other periods in its history. According to the analyst, other times the leading cryptocurrency recorded its current market structure was in 2013, when BTC rallied, and when it fell into a bear market in 2018. The analyst’s comments on this subject are as follows:
We have seen a similar price movement in Bitcoin a few more times. Once again in 2013 we were making high lows. We had a low, we had a higher low, and we finally moved on. Later in 2018 we formed higher lows. But in the end, when we broke out of that low, we created a lower low.
These levels need attention, according to Cowen
Cowen said Bitcoin (BTC) has historically created a pattern that has led to major trend reversals, for the leading crypto asset by market cap. He looks at what might happen next. The analyst says 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 BTC can come back and find the courage to climb above its 200-day SMA and hit $50,000, then this will actually look like a pretty big uptrend for Bitcoin if we fail to form a lower bottom…
Analyst Benjamin Cowen, whose views we follow closely as Cryptokoin.com, predicts what might happen if Bitcoin bounces after falling to a lower value of $30,000. Accordingly, Cowen states that what to consider in Bitcoin (BTC) is that even if a lower bottom is made, the chances of a return to $40,000 or maybe $42,000 to $43,000 are still high.
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