Benjamin Cowen: History Shows That BTC Could Fall Further Down
History shows that Bitcoin (BTC) could fall further down as fear and uncertainty creeps into the markets, according to crypto analyst Benjamin Cowen.
In a recent video update, the prominent crypto analyst notes that BTC has the habit to retrace to its 200-day simple moving average (200 SMA).
“Bitcoin has a habit of going back to the 200 SMA (200-day simple moving average) every so often whether we like it or not…
I want people to consider it as a possibility but not a certainty and if it’s a possibility, you owe it to yourself to plan for that scenario.”
According to the crypto analyst to Bitcoin could hit its 200-day moving average “sooner rather than later.”
”If we’re going to the 200-week moving average, I think it would actually occur a lot sooner than May of 2023. I think it’s more likely to occur in the next few months rather than really far out. I would say if we’re gonna go there, it seems more likely that we would go there sooner rather than later.”
Cowen also points out that hopes of imminent altcoin are not realistic, if Bitcoin doesn’t rally.
“The reason I am saying to ignore the calls for an ‘imminent alt season’ is because Bitcoin just got rejected off the 21-week exponential moving average. How can we realistically call for alts to rally when Bitcoin cannot get back above those levels?”
The reason I am saying to ignore the calls for an “imminent alt season” is because #Bitcoin just got rejected off the 21W EMA.
How can we realistically call for alts to rally when #Bitcoin cannot get back above those levels?
