Benjamin Cowen: BTC Bears Are Running Out Of Signals to Stay Bearish

According to Benjamin Cowen, BTC technical are starting to look increasingly bullish, which is making Bitcoin bears worried.

Cowen shared with his YouTube subscribers in a recent video that traders that have been betting on a bear market since Bitcoin corrected in May are running out of ways to justify it on the chart.

According to Cowen BTC is on its way to much higher level, regardless what happens in the next few days or even weeks.

“The bears are running out of lines to redraw. I’ve seen them around, they’re getting a bit more skittish than they used to be a few weeks ago, but it’s only a matter of time before the bears have to throw in the towel because right now I think they’re on life support…

What do we know with Bitcoin? Time is on our side. Whatever happens tomorrow whatever happens next week, what do we know? Time is on our side. Don’t miss the forest for the trees, just stay focused, nothing has changed. Ultimately I do think Bitcoin will prevail and trend much higher than a very modest $64,000-$65,000.”

According to his signature indicator “Cowen Corridor”, which focuses on long-term range showing the bottom and top of each Bitcoin trend, BTC is targeting $103,000. The bottom of the range is $26,000, which doesn’t see likely to happen.

Regarding Ethereum, Cowen sees a break out closing in, either end of 2021 or early 2022.

“I think we’re just in a long accumulation and actually we are slowly trending up here… It could extend for another month or so maybe but I do believe that Ethereum will break out eventually, and when I say ‘eventually’ I’m looking at no more than three months, probably before then. I do think Etherum will do well in 2022 but that doesn’t mean it can’t make moves in 2021.”