Bitcoin is in a crucial moment, according to popular analyst Benjamin Cowen. He believes the cryptocurrency could be poised for a big rally if it manages to break above a specific technical indicator.
Bitcoin Needs to Break Through a Key Level
Cowen, who has over 800,000 subscribers on YouTube, is looking at the 20-week moving average. He says that if Bitcoin can climb above this level and hold it as support, it could lead to a significant price increase.
“If we can hold the 20-week moving average, we should have clear skies ahead,” he said in a recent video.
Bitcoin’s Price Action Mirrors 2013
Cowen believes Bitcoin’s current price action is eerily similar to what happened in 2013. He says that Bitcoin needs to break above the 20-week moving average to replicate the massive rallies it saw in the months following the halving event.
“In 2013, we bounced above the 20-week moving average a few times, but it took about a month to get back above it,” Cowen explained. “We saw a series of lower highs before finally breaking through in August. Then, we held the level as support in September, leading to a big rally in the fourth quarter.”
Bitcoin’s Current Price
Bitcoin is currently trading at around $64,400.
Disclaimer: This information is for educational purposes only and should not be considered investment advice.
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