Renowned cryptocurrency analyst Benjamin Cowen has shared his insights on Bitcoin‘s potential price movement if historical trends repeat. Speaking on YouTube, Cowen used a chart to illustrate how BTC might behave, suggesting the possibility of a price correction and subsequent movement.
Could 2019 Patterns Recur?
Cowen hypothesizes that Bitcoin could follow a 2019-like trajectory if it corrects to its 20-week simple moving average (SMA). He highlights similarities in price patterns, noting that BTC might initially hit a high, followed by a lower level, eventually dipping below the bull market support band before rising again. This pattern could see another dip in September, potentially validating the 2019 comparison.
He further explains that BTC’s 20-week SMA currently stands at $65,441. If historical patterns are repeated, Bitcoin might drop closer to its 100-week moving average, indicating a potential price near $40,000.
What Is Bitcoin’s Current Status?
Bitcoin’s price has been on the rise, particularly following recent political developments involving Donald Trump. Over the past 24 hours, BTC has surged by 6%, reaching $63,530. This upward movement has also been reflected in its market volume, which has surpassed $1.25 trillion, with trading volume increasing by 49% to $31.8 billion.
Key Takeaways
• Bitcoin may follow a 2019-like pattern if it corrects to its 20-week SMA.
• Current 20-week SMA for BTC is at $65,441.
• Potential price correction to around $40,000 if BTC moves towards its 100-week SMA.
• Recent price surge to $63,530, influenced by political events.
• Market volume has increased, reflecting heightened trading activity.
Cowen’s analysis provides valuable insights for traders and investors tracking Bitcoin’s potential movements. While historical patterns offer guidance, market dynamics and external factors continue to play a significant role in BTC’s price trajectory.