Here’s What’s Next for Bitcoin As BTC Struggles To Reclaim $50,000 Level, According to Crypto Analyst Benjamin Cowen

Here’s What’s Next for Bitcoin As BTC Struggles To Reclaim $50,000 Level, According to Crypto Analyst Benjamin Cowen


Popular crypto expert and trader Benjamin Cowen is taking a look at the potential customers of Bitcoin (BTC) as the leading cryptocurrency continues to trade listed below $50,000.

Cowen notes to his 679,000 YouTube customers that BTC is presently well listed below its booming market assistance band, a technical sign that’s a mix of the 20-week easy moving average (SMA) and the 21-week rapid moving average (EMA).

Bitcoin is trading at $46,265.39 sometimes of composing and is down more than 2% in the previous 24 hours.

The 20-week SMA sits right around $53,000 and the 21-week EMA is simply listed below $51,000, which suggests Bitcoin might be in for a rough couple of months, according to Cowen.

“Historically, we understand that going listed below the 20-week SMA, when we have weekly closes listed below it– it can tend to take numerous months prior to we can break back above it.

If you people keep in mind back in the summer season, we broke listed below in the middle of May, and we didn’t in fact break back above it tillAugust

This time, we broke listed below it in late November, so it’s been a little over a month up until now. I suggest it appears totally affordable that we might still have a methods to precede we can in fact break back above it.”

Cowen doubts Bitcoin will have a parabolic Q1, anticipating that the leading crypto property will be “somewhat range-bound for a while.”

“I don’t really see a major market cycle mania peak for Bitcoin, not until much deeper into 2022 at the very earliest, and again, it might not be until 2023.”

He does note, nevertheless, that if Bitcoin handles to break back above $53,000, then he ‘d turn bullish on the leading cryptocurrency.


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