Expert Warns of Possible Further Drop in Bitcoin Prices
Renowned analyst Benjamin Cowen is cautioning Bitcoin investors about the potential for a deeper decline in the cryptocurrency’s value after hitting a low not seen since February. In a recent video, Cowen shared his insights with his massive YouTube following.
Key Factors to Watch for Bitcoin
- Cowen emphasizes the importance of monitoring the 100-day simple moving average (SMA) for Bitcoin’s price movement.
- The 100-day SMA has historically offered support during price fluctuations.
- If the price falls below this key moving average, the next critical support level to watch is the bull market support band in the range of $55,500 to $56,200.
Current State of Bitcoin
- Bitcoin is currently trading at $57,943, a 22% drop from its all-time high in mid-March.
Forecast for Bitcoin’s Price Movement
- Regarding the potential for Bitcoin to reach a new all-time high, Cowen discusses two scenarios: a left-translated peak or a normal peak.
- He speculates on the possibility of a mid-cycle top occurring later due to delayed rate cuts, followed by a resurgence after a cooling-off period.
- If a new peak is reached sooner, Cowen leans towards the left-translated peak theory.
Hot Take: Bitcoin’s Future Amidst Market Volatility
As Bitcoin faces significant price fluctuations, it’s crucial for investors to stay informed about key indicators and support levels that could influence its trajectory in the coming weeks. By closely monitoring expert analysis and market trends, you can make well-informed decisions about your cryptocurrency investments.
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