Crypto Analyst Benjamin Cowen Details One Bullish Catalyst for Bitcoin (BTC) – But There’s a Catch
A extensively adopted crypto analyst says that Fed Chair Jerome Powell’s tone throughout his subsequent speech may function a catalyst that sparks a contemporary Bitcoin (BTC) rally.
In a brand new video replace, widespread crypto dealer Benjamin Cowen tells his 771,000 YouTube subscribers that if Powell seems to increase an olive department throughout his subsequent speech, Bitcoin may skyrocket to round $25,000.
Nevertheless, Cowen notes that the main digital asset is unlikely to soar previous that degree.
“If Powell have been to come back out subsequent week and rapidly be much more dovish than we’ve heard him be in a very long time, then you may see a breakout again above the bull market assist band ($25,000)…
If Powell have been to come back out with any dovishness to his tone, then [BTC] can pop up a little bit bit. I’m not saying it’s going to return to love $40,000 or $50,000 anytime quickly. However you may see volatility. We have been at $25,000 simply a few months in the past.”
Cowen goes on to notice that his outlook largely will depend on what the Fed discloses throughout its subsequent assembly. He says talks of the Fed pivoting on their present place are what may ignite a short-term rally for the king crypto, including that he expects volatility popping out of the crypto trade’s present bear market.
“Lots of it’s going to depend upon steering that we get on the subsequent FOMC [Federal Open Market Committee] assembly.
If there’s any speak of a future pivot, I will probably be clear, even when the FED does pivot, whereas it simply may result in a rally within the quick time period, like prior accumulation phases popping out of bear markets, you have a tendency to simply form of chop round for some time earlier than you really go to new all-time highs.
We’re nonetheless within the technique of determining [if] the bear market is over [and if] the underside is in.”
Bitcoin is altering fingers for $20,387 at time of writing, a fractional loss on the day.
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