Benjamin Cowen Outlines Bitcoin Forecast, Says BTC Setting Up for Likely Rejection at Resistance - The Daily Hodl
Crypto strategist Benjamin Cowen believes that Bitcoin (BTC) will continue on a downward trend for months after retesting a key price range....
- Crypto strategist Benjamin Cowen predicts that Bitcoin will continue on a downward trend for months after retesting a key price range.
- Cowen believes that Bitcoin will move upward in the short term to test its bull market support band, but will ultimately decline, confirming the larger bearish trend.
- The bull market support band is formed by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
- Cowen suggests that if the bulls cannot break through the support band, Bitcoin is likely to fall to a lower low around $22,890.
- However, Cowen also mentions the possibility of Bitcoin breaking through the band and creating a sustained bull market that could lead to higher prices.
- To confirm an overall upward trend, Bitcoin must not only break above the bull market support band but also remain convincingly above it.
The sentiment of the article is mostly bearish, as Benjamin Cowen predicts a continued downward trend for Bitcoin in the coming months. However, he also mentions the possibility of a sustained bull market if Bitcoin breaks through the bull market support band.