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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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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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