Analyst Benjamin Cowen says he is bullish on Bitcoin (BTC), despite the Crypto King falling by around 12% from the highest ever price.
In a new strategy session, Cowen tells 933,000 YouTube subscribers that the Bitcoin recession in September after Harving is not normal.
“So, as far as I’m concerned, this reveals how it always plays out in the years after the election, the years after Harving. Another week or two may have a little more weakness.
Cowen says that even if Bitcoin falls below the Bull Market Support Band, and even if BTC is below the 50-week moving average, his bullish bias remains. The Bitcoin Bull Market Support Band consists of a 20-week simple moving average and a 21-week exponential moving average.
“…The whole point for September was to spend a month testing the Bull Market Support Bluff band. If it’s below, I had the ability to try and find support on a 50-week moving average, and support was found throughout this cycle.
If I’m below the 50-week moving average every week, I just flip this bias early in the last part of the post-harving year. As long as it’s above 50 weeks (moving average), there’s always hope. ”
According to Cowen, the 50-week moving average is “basically below $100,000.”
Bitcoin is trading at $109,299 at the time of writing.
https://www.youtube.com/watch?v=2gdywgmebte
Generated Image: Midjourney
