Here’s When Bitcoin Might Be Off, Crypto Analyst Benjamin Cowen Says

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Widely followed crypto analyst Benjamin Cowen has a timeline for when Bitcoin may finally be “on the run” in a rally breaking all-time highs.

In a new strategy session, Cowen identifies the 20-week moving average (EMA) as where Bitcoin will need to hold the line in order to maintain bullish momentum.

“So the range of $ 42,000 to $ 43,000 is actually where we would ideally like to hold the line. And we’ve tested it already, so if from here we go up, well, technically speaking, we had a test of the bull market support band, and it happened in September.

The analyst says that if BTC can keep the critical level around the 20-week moving average, then further rallies should be in the cards for the flagship cryptocurrency. But even if Bitcoin breaks down through major support, Cowen says Bitcoin just needs a little more time to level up.

“If we hold it, then we have a clear sky ahead of us. If we don’t, probably another three months, and then we should go to the races. “

Besides the 20 week moving average which Cowen says is the ‘bull market support band’, the analyst also identifies the eight week moving average as a potential indicator that the next stage of the Bitcoin bull market is underway. .

“If we hold the line at the eight week moving average over the weekly period, which is now $ 45,200, then that could be a very strong indication that we are on another stage like this (BTC goes from $ 20,000 to $ 60,000), and that was just the first setback.

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