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.”
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.
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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