Kripto para analyst Benjamin Cowen suggests that Bitcoin (BTC), the flagship of the markets, will continue its downward trend for months after retesting a significant price range. Benjamin Cowen stated on his YouTube channel that Bitcoin will likely move upward in the short term to test the bullish market support level, but will later decline, confirming a larger downward trend.
According to the analyst, the support level of the bull market is currently formed by the 20-week simple moving average (SMA) at $27,888 and the 21-week exponential moving average (EMA) at $27,227. The senior analyst stated the following:
Most bulls do not believe that everything is over. And why would they? Technically, we have not yet experienced a lower low, so there are still reasons for them to believe. However, I still believe that this low level will be broken. Bulls are giving it another chance. They are giving Bitcoin another chance. And they will find out if it can be broken. If they cannot break it, if we spend one or two weeks and bulls cannot break it, then it is more likely that it will weaken again and approach a lower bottom of around $22,890, and eventually try again.
Looking at the expert’s chart, it seems that Bitcoin will experience a short-term rise to the $28,000 price range and then continue its downward trend, falling below $20,000. Cowen also suggested that Bitcoin could break the range and create a “more sustainable bull market” that could take us to much higher prices.
In addition, Cowen argued that Bitcoin not only needs to break above the bull market support level, but also convincingly stay above this level to confirm a general upward trend. In his remarks, the analyst said:
In the short term, I think there is a higher probability of the bull market support level being rejected, and if we break above it, you still need to see consecutive weekly closes above it for it to really mean something. That’s the hard part.