Crypto analyst and trader Benjamin Cowen saw the perfect scenario for Bitcoin that could steer it into future rallies.
So, Cowan believes that BTC may now go down, while it is important to hold the 20-week simple moving average (SMA) as support.
The 20-week SMA, coupled with the 21-week exponential moving average (EMA), is what Cowen calls the “bull market support band.”
Cowen notes that it is imperative for Bitcoin to stay above the bull market support band, as history shows that BTC tends to break through on the first retest.
Holding above this level is key to creating bullish momentum that will push the price of BTC well above $ 64,000.
At the same time, the popular analyst made a reservation that there is one thing that will make him admit that the bullish trend in Bitcoin is over.
What will make me believe that $ 64,000 will be the top of the market cycle? If we go back to, say, $ 15,000 or, as some bears say, $ 10,000, and hang there … Or just enter some long phase of accumulation, then yes, $ 64,000 will definitely be the top. If, as I feel, we have another lull in the market … it will be part of the same market cycle. There are still several years left until the next halving. We have enough time, that’s the main thing.
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