Popular crypto analyst Benjamin Cowen warns that Bitcoin (BTC) could fall further after recently hitting a low not seen since February.
100-Day Moving Average as Support
Cowen notes that Bitcoin’s price is currently at the 100-day simple moving average (SMA), which has previously acted as support. If the price falls below this level, it could trigger further downward pressure.
Bull Market Support Band
If the 100-day SMA fails to hold, Cowen suggests that the next support level to watch is the bull market support band around $55,500 to $56,200. This would represent a “little bit bigger of a drop” than the recent decline.
All-Time High Predictions
Regarding Bitcoin’s potential to reach an all-time high sooner than in previous cycles, Cowen remains uncertain. He discusses the possibility of a “left-translated peak” or a “normal peak” scenario. If the current rally continues, he may lean more towards the left-translated peak idea.
Disclaimer: Crypto investments involve high risk and should be thoroughly researched before making any decisions.
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