Bitcoin Could Jump Higher if it Holds Above This Support Level
We may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
Analyst Benjamin Cowen suggests that the likelihood of Bitcoin (BTC) experiencing a significant increase will grow if it can surpass a crucial moving average on the weekly chart.
In a recent video, Cowen noted that Bitcoin is currently at a “very critical spot.” He believes that BTC could see a “further rally” if it rises above the 20-week moving average and holds that position as support.
In his analysis, Cowen recalls a similar situation from 2021, where maintaining the 20-week Simple Moving Average (SMA) indicated potential for upward movement, which resulted in a new all-time high at that time.
Cowen emphasizes that for Bitcoin to replicate its historically significant rallies that follow the halving periods, it needs to break above the 20-week SMA. He draws parallels to Bitcoin’s price behavior in 2013, where the cryptocurrency briefly rose above the 20-week SMA a few times before sustaining higher levels.
He mentioned that in 2013, Bitcoin established a pattern of lower highs before eventually maintaining support above the 20-week SMA by August, leading to a substantial rally in the fourth quarter.
Commentaries 
Fill in necessary fields and publish