Extensively adopted crypto analyst Benjamin Cowen is setting a value goal for Bitcoin (BTC) if it have been to break down.
In a brand new technique session, Cowen tells his 783,000 YouTube subscribers that in a “worst-case state of affairs,” Bitcoin might dive by over 47% from its present worth.
Cowen says Bitcoin might rally within the coming months after which “again check” a diagonal trendline, placing the king crypto at $12,000 in August 2023.
“If it have been August of 2023, like proper round right here [at $12,000], and it [currently] rallies on up [to $26,000] after which form of sits up right here for some time, after which comes again down after which that finally ends up being the underside [at $12,000], it might additionally really correspond to hitting this trendline once more, the low [in May 2022], the decrease low [in November 2022], after which perhaps one final low once more [in August 2023], if November shouldn’t be the underside. That is in fact assuming November shouldn’t be the underside, which admittedly, once more, it might be. So the worst-case state of affairs is one thing like that.”
Cowen subsequent appears at Bitcoin’s value associated to the 50-week transferring common to research the potential for Bitcoin dipping beneath the November backside. The analyst says that the 50-week transferring common has served as a key resistance indicator after a prolonged bear market throughout earlier cycles, and it could be on the verge of doing so once more.
“We’ve received three examples after principally a protracted bear market. The primary one [in 2012], rejection, then a better low and blast off. The second [in 2015], rejection, double backside, then go. The third one [in 2019], we hesitated, received by it, in the end capitulated again down beneath it, after which put in a barely greater low…
Usually the 50-week affords some resistance a minimum of on the primary try, even in 2019 once we received by it, we nonetheless hesitated at it for a few month earlier than making our manner by it. The place does the 50-week sit [now]? Simply above $25,000, which additionally corresponds this prior native excessive proper right here [in January 2022].”
Bitcoin is value $22,860 at time of writing.
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