Published: 17.04.2022
Article reading time:
1 min.
The cryptocurrency analyst believes that the current behavior of bitcoin demonstrates the dynamics observed on the eve of growth in 2013 and fall in 2018.
Benjamin Cowen warned investors on a YouTube podcast that bitcoin was approaching “the trend-choosing point.” Cowan clarified that this has already happened:
“Bitcoin hit a low in 2013, then a second, then a third, and eventually started to rise. And then in 2018, when there were higher lows, we thought that the same thing would happen as in 2013, but in the end Bitcoin fell to a new low.”
Cowen believes that it is advisable to track the signals that can tell in advance the time and direction of the market reversal. In order to restore the bullish trend and reduce the likelihood of a bearish trend, Bitcoin needs to restore its 200-day simple moving average (SMA), which is currently at around $49,000, according to the analyst.
“If Bitcoin can muster the courage to rise above its 200-day SMA and move to the $50,000 level, then that would look pretty optimistic. What happens if the market drops to $30,000 and then Bitcoin goes up again? There is a good chance that we will go back to $40,000 or maybe $43,000,” Benjamin Cowan encouraged.
Cryptocurrency analyst and trader Michael van de Poppe has a similar opinion. He believes that amid geopolitical tensions in eastern Europe, bitcoin will drop to an all-time low below $30,000 before starting to rise.
Source: Bits
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