Prominent crypto strategist Benjamin Cowen has provided insights into the current state of Bitcoin (BTC), suggesting that while the overall trend appears bearish due to the recent formation of a death cross, there could still be moments of bullishness. Cowen, who shares his analysis with a substantial following of 787,000 subscribers on YouTube, highlighted that after a death cross, which occurs when the 50-day moving average crosses below the 200-day moving average, occasional rallies can occur.
One such rally was observed earlier this week when Bitcoin bounced back approximately 7% from a three-month low of around $24,917 to $26,575. Cowen noted that this could be a typical death cross rally and emphasized that the next moves in Bitcoin’s price remain uncertain.
Cowen outlined three possible scenarios that could unfold following the recent “death cross rally.” These scenarios include Bitcoin either continuing to rise by up to 12% from its current level, hovering around the current levels and then declining below $24,500, or experiencing a more optimistic scenario where it climbs back to just below the previous breakdown point, around $29,200, before retracing.
The strategist emphasized that all three scenarios are possibilities, highlighting the uncertainty surrounding Bitcoin’s short-term price movements. As of the time of writing, Bitcoin was trading at $26,134.
Cowen’s analysis underscores the dynamic and unpredictable nature of the cryptocurrency market, where price trends can change rapidly, impacting investor sentiment and trading strategies. Crypto enthusiasts and traders closely follow expert analysis and market insights to make informed decisions in this volatile space.