Broadly adopted crypto analyst Benjamin Cowen is setting a worth 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 situation,” 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 will additionally truly 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 is just not the underside. That is after all assuming November is just not the underside, which admittedly, once more, it could possibly be. So the worst-case situation is one thing like that.”
Cowen subsequent appears to be like at Bitcoin’s worth associated to the 50-week shifting common to research the opportunity of Bitcoin dipping beneath the November backside. The analyst says that the 50-week shifting 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 bought three examples after principally an extended bear market. The primary one [in 2012], rejection, then the next low and blast off. The second [in 2015], rejection, double backside, then go. The third one [in 2019], we hesitated, bought by it, finally capitulated again down beneath it, after which put in a barely larger low…
Usually the 50-week affords some resistance at the least on the primary try, even in 2019 after we bought by it, we nonetheless hesitated at it for a couple of month earlier than making our approach 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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