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.
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What happened
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.
