Crypto Strategist Benjamin Cowen Predicts Bitcoin’s Downward Trend
In a recent video, crypto strategist Benjamin Cowen shares his forecast for Bitcoin’s future price movement. He believes that after retesting a key price range, Bitcoin will continue on a downward trend for several months. However, before the decline, Cowen expects Bitcoin to move upward in the short term and test its bull market support band. This band is formed by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). If the bulls are unable to break through this resistance level after a week or two, Cowen predicts that Bitcoin will fall to a lower low around $22,890.
Potential Surge and Long-Term Bull Market
According to Cowen’s chart analysis, he anticipates a brief surge for Bitcoin to the $28,000 price area before it resumes its downtrend and drops below $20,000. However, he also suggests that if Bitcoin manages to break through the bull market support band convincingly and remain above it for multiple consecutive weeks, it could create a more sustained bull market that leads to higher prices. Cowen emphasizes that breaking above the resistance level and maintaining it is crucial for confirming an overall upward trend.
Bitcoin’s Current Price
As of now, Bitcoin is trading at $26,818, showing a 1.1% increase in the last 24 hours.
Hot Take: Benjamin Cowen’s Forecast on Bitcoin’s Resistance Rejection
Crypto strategist Benjamin Cowen predicts that Bitcoin will face rejection at its bull market support band after briefly testing it. He believes that if the bulls are unable to break through this resistance level within a week or two, Bitcoin will experience a decline to a lower low around $22,890. However, Cowen also suggests that if Bitcoin successfully surpasses the resistance and maintains its position above it for multiple consecutive weeks, it could lead to a more sustained bull market with higher prices. Confirmation of an upward trend depends on breaking and staying above the resistance level.
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