Popular crypto analyst Benjamin Cowen says three indicators show that Bitcoin (BTC) bulls are in a solid position to take control of the market.
In a new strategy session, Cowen tells his 762,000 YouTube subscribers that Bitcoin is trading in its “lower logarithmic regression band,” which he says is a “point for the bulls.”
The band hasn’t been breached in a decade except for a very brief period during the Covid-19-induced sell-off in March 2020.
Cowen also notes that when Bitcoin trades below the 50-week moving average, “it’s usually only a matter of time” before BTC plunges below the 100-week moving average and then the 200-week moving average.
Bitcoin recently did just that, dropping all the way below the 200-week moving average, which usually indicates the top crypto asset has reached its market cycle bottom.
“If you just throw out all the noise out there in terms of the macro stuff and just say, ‘Look X, Y, and then Z. It’s happened not once, not twice, not three times, but now it’s happened four times. That’s a point for the bulls.”
Additionally, Cowen says there have only been three times in history when the 20-week moving average has crossed below the 100-week moving average – in 2015, 2018 and just recently. The previous two crossings also corresponded to the market cycle bottoms, according to the crypto analyst.
BTC is trading at $23,788 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.
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