Investigator Benjamin Cowen Forecasts Bitcoin Rally As BTC Follows 2018 Market Structure ‘Move for Move’ – The Daily Hodl
Bitcoin (BTC) is following a specific market structure from 2018 ‘move for move,’ as per crypto expert Benjamin Cowen.
In another technique meeting, Cowen tells his 744,000 YouTube supporters that in January of 2018, Bitcoin figured out how to print more promising low points between $9,000 to $11,000.
Cowen notes Bitcoin in the end cratered and put in a new low at the time around $5,800.
“You can see in 2018, we had a low, we had a higher low, [and] we had this one [which is] a pathetic attempt at a higher low. [We] ultimately put in a lower low and the back up to the trendline. Furthermore, it was a rejection off the 200-day simple moving average [SMA] in between.”
According to Cowen, Bitcoin has been reflecting the 2018 market structure throughout the course of recent months. He features that BTC printed a few more promising low points between $30,000 to $39,000 from January to May before ultimately revising right down to $26,000.
Source: Benjamin Cowen/YouTube
The crypto broker adds that on the off chance that BTC really follows the fractal, Bitcoin could be in for a solid rally.
“What happened [in 2018] is that we went back up to the trend line that held resistance because in bear markets trend lines tend to hold resistance. We also went back up to the 200-day moving average, so there was a little bit of confluence there between that trend line where we were putting in higher lows and the 200-day SMA.”
Cowen takes note of that assuming you were to theoretically expand the ongoing 200-day moving normal to mid-June, it likely will sit somewhere close to $40,000 and $42,000.
“With that in mind, we must wonder, ‘Well is that level important?’ And I would argue it’s very important. The $40,000 to $42,000 level carries a lot of weight with Bitcoin because that was where we first got rejected back in January of 2021. We got rejected by it in the summer of 2021 as well after we fell below it… So if the fractal is to play out – which, as always, is a big if – it would mean over the next several weeks, we could see that pump back up to approximately $40,000, plus or minus a couple thousand dollars.”
Bitcoin is exchanging for $29,305 at season of composing. The highest level crypto resource by market cap is down over 2.5% in the beyond 24 hours.
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