Home Crypto Relief Rally Could Take Bitcoin to These Price Levels, Says Crypto Analyst...

Relief Rally Could Take Bitcoin to These Price Levels, Says Crypto Analyst Benjamin Cowen

High-profile crypto analyst and dealer Benjamin Cowen is discussing what a aid rally may seem like for Bitcoin.

In a brand new replace, Cowen says that if Bitcoin rallies within the coming interval, it may bounce off the 50-week easy shifting common (SMA).

Reflecting on historic value motion, Cowen causes {that a} bounce from the present stage, which is slightly below $32,000, may enable Bitcoin to rise by 34% to 62%.

“Where may a bounce come? The 50-week [simple] shifting common – we’ve had a bounce off the 50-week SMA many occasions prior to now… If you return to 2014, we had a bounce off the 50-week SMA. From the 50-week SMA, we went up about 62% or so.

In 2018, we had a bounce off of it. That yr, we went up round 45%. In 2019, additionally type of had a bounce. It flirted with that line for a few months, after which after we moved again up, we went up about 34%.”

Looking at Bitcoin’s historical past of bouncing off the 50-week SMA, Cowen says a aid rally may take BTC to larger value ranges.

“If we do get a bounce off the 50-week [SMA], we will at the least see prior strikes didn’t have us placing in new all-time highs instantly. If we had been to go up, say roughly [based on] the prior strikes … a 34% transfer would take us again up to possibly $44,000. A forty five% transfer would take us up to round $46,000… And a 62% transfer would take us up to round $52,000 or $53,000.”

Cowen says that, though a rally off the 50-week SMA may push Bitcoin above $40,000, he also can see Bitcoin constructing a bigger base earlier than igniting the following leg of its bull cycle.

“I believe it’s essential for the well being of the market, to ensure that us to have a hope of ever going to $100,000, that we truly construct out some decisive help at ranges above $20,000, and up to now, I don’t actually suppose we’ve executed that. The final time we held the bull market help band as help was at $10,000. I would really like to see it at $30,000, that might be essentially the most optimistic factor. But to ensure that us to do this, we’d like to spend a while. This has received to come again down…

A extra bearish case can be we go to $20,000 or one thing… I believe we’d like to maintain it at help, for us to maintain above $20,000 as help, above the 20-week SMA you possibly can be trying on the finish of the yr. You might be early subsequent yr earlier than that occurs.

So I might say be affected person.”


Don’t Miss a Beat – Subscribe to get crypto e-mail alerts delivered instantly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl should not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses you could incur are your duty. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please observe that The Daily Hodl participates in affiliate marketing online.

Featured Image: Shutterstock/gonin/MicroOne

- Advertisment -

Most Popular