We explain why a major cryptocurrency analyst thinks Bitcoin is approaching a tipping point
Renowned cryptocurrency analyst Benjamin Cowen shares his thoughts on the future direction of Bitcoin on his YouTube channel.
The analyst told his more than 725,000 subscribers that Bitcoin is hitting higher lows in a pattern similar to other periods in BTC history.
“A couple of times we saw similar price action. Once in 2013, we also made a higher low. We put a low, we put a higher low, and finally we continued. And then in In 2018, we made even higher lows,” Cowan said.
Cowen also added: “In 2018, we printed a higher low, so you could make the same argument, but in the end, that low ended up going down, and we ended up printing a lower low.”
Bitcoin is forming a pattern, and Cowen looks at the next leading crypto asset by market cap.
“If Bitcoin can get the value back up and break its 200 SMA again and break the $50,000 level, then I think it’s really very bullish for Bitcoin if we can’t make lower lows.”, already expressed.
Talking about the future of Bitcoin and its trend, Cowan said: “What happens if we drop to the $30,000 low and then bounce back? One thing to consider is that even if we do set lower lows, we still have a good chance of getting back to $40,000 or $42,000 to $43,000. The odds of that happening remain high.”
At the last check, Bitcoin was trading at $40,381.68, indicating a decline of 0.40% over the past 24 hours. However, BTC has lost about 7% over the past 7 days.