Analyst Benjamin Cowen Says Bitcoin Could Be on Cusp of Major Trend Shift As Potential Repeat of 2019 Appears

Extensively adopted crypto analyst Benjamin Cowen says Bitcoin (BTC) is establishing for a possible development shift that might lead to an explosive rally much like the one in 2019.

In a brand new technique session, Cowen tells his 783,000 YouTube subscribers that three totally different technical indicators are converging at a key value degree for Bitcoin.

Cowen says the 50-week shifting common is on a downward development and the 200-week shifting common is on an upward development, each shifting towards each other. The 2 shifting averages seem prone to meet at BTC’s latest excessive of round $25,000.

“You could have the 50-week [average] coming down. You could have the 200-week [average] going up. After which you’ve gotten the worth rallying on as much as it. You even have the prior native high at $25,200. And take a look at this native high: proper in between these two shifting averages. It’s virtually too excellent that they’re all converging to the identical degree.”

Cowen says the convergence level is much like the circumstances of 2019, which noticed an explosive rally previous the $6,000 value degree, despite the fact that many forecasted that value would act as resistance.

“I think about [breaking $25,000] shall be a battle. With that mentioned… there have been lots of people over right here [in 2019] that mentioned $6,000 goes to take a very long time to interrupt. They mentioned, ‘We’re going to come back again down, and it’s going to take perpetually to interrupt it.’ And we simply sliced by way of it prefer it wasn’t even there. Okay, so momentum is a strong factor.”

Cowen says that merchants are preserving a detailed watch on the $25,000 value degree because it might point out whether or not the Bitcoin rally has extra gasoline left within the tank.

“There’s lots of confluence round this $25,000 degree and particularly coming off a rally of – that will be 60%… Look to see what the 60% transfer does if we’re capable of obtain it. Does it stall out right here? Or does it break by way of like 2019?…

$25,000 goes to be the extent that I feel lots of people are trying in direction of for Bitcoin to see can it break it, and if it will probably, how explosive is the transfer past it. And if it will probably’t, does it simply come proper again down like 2015?”

Bitcoin is buying and selling for $22,752 at time of writing.

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