Top Analyst Says, BTC Could Be On The Verge Of Major Trend Change
Benjamin Cowen, a well-known crypto analyst, says that Bitcoin (BTC) is getting ready for a possible trend change that could lead to an explosive rally like the one in 2019.
Cowen tells his 783,000 YouTube subscribers in a new strategy session that three different technical indicators are coming together at a key price level for Bitcoin.
Cowen says that the 50-week moving average is going down and the 200-week moving average is going up, so they are both moving toward each other. At BTC’s recent high of around $25,000, where the two moving averages are likely to meet.
“You have the 50-week [average] coming down. You have the 200-week [average] going up. And then you have the price rallying on up to it. You also have the prior local top at $25,200. And look at this local top: right in between those two moving averages. It’s almost too perfect that they’re all converging to the same level.”
Cowen says that the convergence point is like the year 2019, when the price of bitcoin went up quickly past the $6,000 mark, even though many people thought that price would act as resistance.
“I imagine [breaking $25,000] will be a battle. With that said… there were a lot of people over here [in 2019] that said $6,000 is going to take a long time to break. They said, ‘We’re going to come back down, and it’s going to take forever to break it.’ And we just sliced through it like it wasn’t even there. Okay, so momentum is a powerful thing.”
Cowen says that traders are keeping a close eye on the $25,000 price level because it could show if the Bitcoin rally still has some steam left.
“There’s a lot of confluence around this $25,000 level and especially coming off a rally of – that would be 60%… Look to see what the 60% move does if we’re able to achieve it. Does it stall out here? Or does it break through like 2019?…
$25,000 is going to be the level that I think a lot of people are looking towards for Bitcoin to see can it break it, and if it can, how explosive is the move beyond it. And if it can’t, does it just come right back down like 2015?”
At the time this was written, the price of Bitcoin was $22,752.
