Analyst Benjamin Cowen Says Bitcoin Could Be on Cusp of Major Trend Shift As Potential Repeat of 2019 Appears

Benjamin Cowen, a widely respected cryptocurrency analyst, said of Bitcoin (Bitcoin) is gearing up for a potential trend shift that will result in an explosive uptick similar to 2019.

Cohen in a new strategy session To tell His 783,000 YouTube subscribers have confirmed that three different technical indicators are converging on Bitcoin’s key price levels.

Cowen said the 50-week moving average is trending down and the 200-week moving average is trending up, both of which are approaching each other. The two moving averages seem likely to meet at BTC’s recent highs of around $25,000.

“You have 50 weeks [average] come downyou have 200 weeks [average] going up. And by then the price will go up. Also, the previous local top is $25,200. And look at this local high: exactly halfway between these two moving averages. It’s almost too perfect that they all converge on the same level.”

Source: Benjamin Cowen/YouTube

Cowen says the convergence point is similar to what happened in 2019, with an explosive rally above the $6,000 price level.

“I imagine [breaking $25,000] It becomes a battle.That said…there were a lot of people here [in 2019] That means it will take a long time to break below $6,000. They said, ‘We’ll be back and it’ll take forever to break it’. Well, momentum is a powerful thing.

Source: Benjamin Cowen/YouTube

Cowen said traders are watching the $25,000 price level closely. This is because Bitcoin’s rise may indicate whether there is gas left in the tank.

“There are a lot of confluences at this $25,000 level, especially the 60% move up. Will it break out like 2019…

$25,000 has many people eyeing Bitcoin to see if it can break it and if so how explosive a move above it will be I think it’s going to be on the level.

Bitcoin is trading at $22,752 at the time of writing.


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