Crypto Analyst Benjamin Cowen Predicts Occasional Rallies for Bitcoin
Crypto strategist Benjamin Cowen believes that Bitcoin (BTC) will experience short-lived bullish moments despite an overall bearish trend. Cowen, who has a following of 787,000 subscribers on YouTube, suggests that even after the formation of a death cross this week, the flagship cryptocurrency could witness occasional rallies. A death cross occurs when the 50-day moving average falls below the 200-day moving average.
One such rally occurred earlier this week when Bitcoin bounced back around 7% from a three-month low of approximately $24,917 to $26,575. Cowen states that this is a typical death cross rally and remains uncertain about future price movements. Bitcoin is currently trading at $26,134.
Possible Scenarios After the Death Cross Rally
Cowen outlines three potential scenarios following the death cross rally. The first scenario involves Bitcoin fading around current levels and dropping below $24,500. The second scenario suggests a rise to the 50-day moving average, approximately $27,600-$27,700, before declining. The third and most optimistic scenario proposes a return to just below the breakdown point at around $29,200 before fading again.
According to Cowen, all three scenarios are possible outcomes for Bitcoin’s price movement in the near future.
Hot Take: Benjamin Cowen’s Insights into Bitcoin’s Future
Crypto analyst Benjamin Cowen predicts that while Bitcoin may be in a bearish trend overall, there will still be occasional rallies in its price. After the recent death cross formation, which typically indicates a bearish outlook for the market, Bitcoin experienced a temporary bounce. Cowen outlines three potential scenarios for Bitcoin’s future movement: fading around current levels, rising to the 50-day moving average before declining, or returning to just below the breakdown point before fading again. It remains to be seen which scenario will play out, but Cowen believes all three are possible outcomes.
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