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Cryptocurrency analyst and strategist Benjamin Cowen stated that although the general trend is downward, there will be periods of short-term upward moves in Bitcoin (BTC). The analyst summarized these scenarios by stating that he has three scenarios he expects in Bitcoin.
Bitcoin’s Death Cross Rallies
Cowen stated in his analysis video shared with his subscribers on his personal YouTube channel that the largest cryptocurrency can still have unexpected and surprising rallies after the Death Cross, which occurred earlier this week. The Death Cross, emphasized by the analyst, occurs when the 50-day moving average falls below the 200-day moving average.
Cowen added that Bitcoin’s jump from $24,917, the lowest level in the past three months, to $26,575 at the beginning of the week was also such a rally and said, “A typical Death Cross rally occurred and I think we will wait and see what kind of move will happen from here. It is not possible to say exactly what will happen and there can be many possibilities.”
Bitcoin’s Potential 3 Scenarios
The experienced cryptocurrency analyst stated that there are three scenarios that can emerge after the Death Cross rally, which include Bitcoin continuing to rise by up to 12% from current levels, and said the following:
There may be a situation where Bitcoin falls from these levels, around $26,700, and then returns below $24,500. Maybe this movement can go up to the 50-day moving average around where it returned (above $27,500) and can go up to $27,600 – $27,700 before turning downward again.
In the most optimistic scenario, it can rise up to around $29,200 and then turn downward. Therefore, I think all three of these scenarios are possible.
Current data shows that the largest cryptocurrency Bitcoin is priced above $26,000, with a 1.79% increase in the last 24 hours, at $26,304. Considering the second and third scenarios presented by the analyst, upward movement in price can be expected to continue.
