Benjamin Cowen Looks Into Bitcoin, Outlines The ‘Ideal Scenario’ For BTC

According to Benjamin Cowen, a top cryptocurrency analyst and trader, an ideal scenario exists for Bitcoin that could really spike its future price.

In a recent YouTube video, the analyst explains that the ideal scenario for Bitcoin would be for the number one crypto asset to fall down and hold the 20-week simple moving average (SMA) as support on its first attempt, instead of breaking down through it.

What Cowen means by “bull market support band” is the 20-week SMA together with the 21-week exponential moving average (EMA) The technical indicators are sitting at about $42,000 at the time of writing.

Bitcoin reclaimed the bull market support band when it rallied past $40,000 in beginning of August. It’s very important for BTC to stay above the bull market support band as history shows that Bitcoin tends to break below it on the first retest, the trader points out.

“Holding the 20-week moving average on the first attempt… It would be the ideal scenario. It would be the ideal scenario. It’s never actually happened before…

Any time we’ve come above the bull market support band like that, the first attempt tends to not hold.”

While Cowen says holding the bull market support band is the key to Bitcoin to regain bullish momentum, he also argues that should it fall down lower, he still doesn’t believe $64,000 is the top of the current bull market cycle.

But, there is one thing that would force him to concede that the bull market is over for Bitcoin:

“What would cause $64,000 to be the market cycle top in my eyes? If we go back down to say, $15,000, or some bears are calling for less than $10,000, if we go back down to those levels and then just hang out there and we just go into some long accumulation phase, then yeah in hindsight $64,000 was definitely the top.

If, on the other hand, I feel like we could even have another lull in the market, but as long as we’re not going all the way back down to levels way down [near $15,000], then this is still all part of the same market cycle. We’re still several years away from the next halving. We have plenty of time as far as I’m concerned we have nothing but time.”