Bitcoin (BTC) Approaches Crossroads as Worrying Price Patterns Form, Says Crypto Analyst Benjamin Cowen

Crypto analyst Benjamin Cowen says that Bitcoin (BTC) is approaching a critical moment where the flagship cryptocurrency must finally choose a direction.

In a new strategy session, Cowen tells his 725,000 YouTube subscribers that Bitcoin is hitting higher lows in a pattern that resembles other periods in BTC history.

According to the analyst, the other times Bitcoin printed its current market structure was in 2013 when BTC rallied, and in 2018 when it crashed in a bear market.

“There were a few times where we saw a similar type of price action. Once in 2013 where we also saw higher lows. We put a low, we put a higher low and then we finally continued.And then also in 2018 where we were putting higher lows…

In 2018, we were setting higher lows and so you could have argued the same, but eventually that low finally fell, and we ended up setting a lower low.

Source: Benjamin Cowen/YouTube

With Bitcoin forming a pattern that has historically led to major trend reversals, Cowen takes a look at what could be the next crypto asset by market capitalization. In order to regain a bullish trend and reduce the likelihood of a bear market, the analyst says that BTC needs to recover its 200-day simple moving average (SMA), currently located at around $49,000.

If bitcoin can have the guts to rally and get back above its 200-day SMA and reach the $50,000 level, then I think it would actually look quite bullish for bitcoin if we can’t put a lower lower…

What happens if we put a lower minimum? What if we go down and go down like the low $30,000 and then bounce back? One thing to consider is that even if we set a lower low, there is still a good chance that we will get back to $40,000 or maybe $42,000 to $43,000. There is still a good chance of that happening.

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