Bitcoin Could Jump Higher if it Holds Above This Support Level

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.

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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.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.