Benjamin Cowen: Why From Here BTC Is More Likely To Go Up Than Down

Benjamin Cowen, a top crypto market analyst and trader, explains why the on-going crypto wide market correction doesn’t mean that the bull cycle is over.

In a recent video, the analyst tells his 627K subscribers on YouTube that bitcoin’s current price action to him seems to be part of a bullish trend. He is also looking into the possibility of BTC dropping below the bull market support band – a combination of 20-week SMA and 21-week EMA.

“This to me seems like an uptrend. It seems like a textbook uptrend. We are in this general uptrend right now, and some people say, ‘could we go lower?’ Yeah of course we could go lower, who cares? Could we go to $53,000? We could… It’s certainly possible that we don’t hold the bull market support band as support. There’s always that possibility, we know that’s a possibility. If that were to play out, I would say three months below it and we’re probably back off to the races.”

While the analyst doesn’t rule out a further slip below $53,000, he explains it is more likely that Bitcoin will go up rather than down. Crashes below the bull market support band often take place after the price goes too far above the top end of the support bands, such as the market cycle peak in 2018.

According to Cowen, BTC’s current uptrend that started after bouncing from $30,000 is very similar to Bitcoin’s surge back in 2017. That in mind so far BTC hasn’t gone too far up relative to the bull market support band.

“Every time we went back down to the bull market support band, we held it as support, because we didn’t get too far extended from it, and we held it as support every time. It wasn’t until we got extended like that at the very end that we put in our market cycle peak. 

You can see back in May, we got too far extended, we were unable to hold the line… Now, what’s going on? We didn’t get that far extended and I’m hoping we hold the line.”