Analyst Benjamin Cowen says he’s bullish on Bitcoin (BTC) no matter the crypto king falling by spherical 12% from its all-time excessive imprint.
In a new technique session, Cowen tells his 933,000 YouTube subscribers that the downturn in Bitcoin is nothing out of the everyday within the month of September for the length of the put up-halving years.
“So, as far as I’m sharp, that is playing out how it continuously performs out in put up-election years, put up-halving years. There may mute be a little bit extra weak point for one other week or two. Nonetheless optimistically we eye greater cases as we gain out into Q4.”
Cowen says his bullish bias will remain despite the indisputable fact that Bitcoin falls below its bull market enhance band, however no longer if BTC falls below the 50-week provocative sensible. The Bitcoin bull market enhance band contains the 20-week easy provocative sensible and the 21-week exponential provocative sensible.
“…the total level of September was that we would employ the total month testing the bull market enhance band. If it goes below it, it mute has the skill to are trying to search out enhance at the 50-week provocative sensible, which it’s chanced on enhance at some level of this complete cycle.
I’ll fully flip my bias this early into the closing share of the put up-halving 300 and sixty five days if now we relish got a weekly cease below the 50-week provocative sensible. As lengthy as it stays above the 50-week [moving average], there’s continuously hope.”
In line with Cowen, the 50-week provocative sensible is “fundamentally below $100,000.”
Bitcoin is procuring and selling at $109,299 at time of writing.
Generated Image: Midjourney
