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Despite Bitcoin price crashing below the critical $30,000 support for the first time in one month, a collection of BTC whale wallets suddenly scooped up tens of thousands of Bitcoin over the weekend after being inactive since December of 2018.
High-profile crypto analyst and trader Benjamin Cowen is discussing what a relief rally could look like for Bitcoin.
In a new update, Cowen says that if BTC rallies in the coming period, it could bounce off the 50-week simple moving average (SMA).
Reflecting on historical price action, Cowen reasons that a bounce from the current level, which is just below $32,000, could allow Bitcoin to rise by 34% to 62%.
“If we do get a bounce off the 50-week [SMA], we can at least see prior moves did not have us putting in new all-time highs immediately. If we were to go up, say approximately [based on] the prior moves … a 34% move would take us back up to maybe $44,000. A 45% move would take us up to around $46,000… And a 62% move would take us up to around $52,000 or $53,000.”
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Show Notes / Resources:
https://cointelegraph.com/news/crypto-joins-stocks-in-extreme-fear-after-bitcoin-loses-30k-support