Benjamin Cowen, a Crypto Quant analyst and well-known digital currency market trader, has said that there is an ideal scenario for Bitcoin that could put the digital currency on the rise in the future.
to the Report “The ideal scenario for Bitcoin is for the price to fall to the 20-week moving average (SMA) level and be supported instead of breaking in the first encounter,” Daily Hoodel, Cowen, said in a new analytics video on YouTube.
Cowan referred to the simple 20-week moving average and the 21-week moving average (EMA) as bitcoin “market trend support” for Bitcoin. These technical indicators are in the range of $ 42,500 at the time of writing.
Bitcoin resumed uptrend support in early August after jumping above $ 40,000. Cowan has said that it is vital for Bitcoin to stay above the uptrend support and, as it turns out, the price tends to break down after the first re-hit.
Protection [قیمت] At a moving average of 20 weeks after the first collision, it can be an ideal scenario. This has never happened before. Every time like that [اکنون] We were on top of the uptrend support, the first tendency to maintain [این سطح] Has not.
Cowan’s remarks show that maintaining the support is the key to Bitcoin’s next uptrend, but he said he still does not see $ 64,000 as the peak of the recent uptrend in the market if the price falls below that level.
The famous analyst said that only one thing can convince him that the rising bitcoin market is over.
What makes it $ 64,000 as the peak of the cycle? [صعودی اخیر] Look at the market? If we go back to $ 15,000 or, as some sellers say, $ 10,000, stay there and [بازار] Enter a long-term stabilization phase, then it can be said that $ 64,000 is definitely the peak [این چرخه] have been.
Crypto Quantum Analyst added:
On the other hand, we may even face a calm market again, but not until the whole route goes back to lower levels. [در محدوده ۱۵,۰۰۰ دلار] If we have not arrived, all these events are part of the same cycle [صعودی] Is the market. We are still a few years away from the next Hawing. We have a lot of time and I think we have nothing but time.