One of the well-known analysts in the cryptocurrency world, Benjamin Cowen, shared a chart explaining where the price of Bitcoin (BTC) could move if history repeats itself and a price correction occurs. The analyst, who shared his views on YouTube, may have shed light on BTC’s future.
Analyst’s BTC Comment
According to Cowen, one of the frequently mentioned analysts in the market, if the undisputed leader BTC corrects to a region close to its 20-week simple moving average (SMA), it could follow the pattern it made in 2019.
Ultimately, there are many similarities in how it played out (in 2019); you reach a high level, then a lower level, and then you fall below the bull market support band. Then you rise again in August, potentially make a lower dip in September, and then return to where we are in January… Therefore, if we get a rejection from the 20-week SMA and make a lower dip compared to where we are now, then you have to say ‘Well, the 2019 comparison was valid.’
The analyst, who also shared a Bitcoin chart, states that BTC’s 20-week SMA indicator is currently at the level of $65,441.
Cowen indicates that if BTC repeats its past price movement, it could potentially move near the 100-week moving average or, to be more precise, to the price level of $40,000.
If Bitcoin starts to set these low levels now, and if it drops to a lower level later in September, this will likely correspond to the 100-week moving average, which is exactly where it returned after being rejected from the bull market support band (in 2019), and this would roughly correspond to the annual opening, maybe around $40,000.
What is Bitcoin’s Current Price?
Bitcoin’s price continues to rise. Following the attack on Donald Trump a few days ago, the price started to move upwards and as of today, after a 6% rise in the last 24 hours, it is at $63,530.
BTC’s market volume also increased during this period, surpassing the $1.25 trillion mark again. The price movement was reflected in the trading volume, which rose to $31.8 billion after a 49% increase.
