Widely followed cryptocurrency analyst Benjamin Coen has a time frame for when bitcoin could finally be “out of the races” at a rally beyond all-time highs.
In a new strategy session, Cowen identifies the 20-week moving average (EMA) as where Bitcoin will need to hold the line in order to maintain the bullish momentum.
“So the $42,000-43,000 range is actually where we would ideally like to hold the streak. And we’ve already tested it, so if we go from here to the top, well technically speaking, when talking about testing a bull market support range. It happened in September.”
The analyst says that if BTC can maintain the critical level around the 20-week moving average, the new highs should be in the major cryptocurrency cards. But even if bitcoin breaks through major support, Cowen says bitcoin simply needs more time before the level recovers.
“If we keep it, we will have clear skies. If we don’t, it will probably only take another three months, and then we should be out of the races.”
Along with the 20-week moving average, which Cowen believes is a “bullish market support range,” the analyst also identifies the eight-week moving average as a potential indicator that the next phase of the bitcoin bull market is underway.
“If we hold the line at the 8-week moving average on the weekly time frame, which is now at $45,200, it could be a strong indication that we are in another phase like this (BTC moved from $20,000 to $60,000), and that was just a first pullback. “.
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