A prominent crypto expert believes that Bitcoin’s (BTC) the price is going very low based on one key indicator.
By changing the new market, Benjamin Cowen they tell us his 993,000 YouTube subscribers Bitcoin remains in a bear market after struggling with the 200-day simple moving average (SMA).
Cowen says the 200-day SMA is an accurate indicator of future Bitcoin prices, citing 2018 and 2022 as past examples when BTC hit the 200-day SMA and fell.
Cowen describes two possible scenarios for Bitcoin that could occur in the coming months based on historical data.
“Rejection of 200 days: the main observation goes down in May, it holds a little, then it sells in June, and then sweeps February low as it did at the end of 2018. From there, you can have a meeting of resistance in July and August, before it reaches October, and then I write the market down.”
Looking at his chart, Cowen suggests that Bitcoin will be below around $46,000.
In some cases, Cowen says Bitcoin will have another big rally in the $80,000 range before going down.
“You can see we always mark the .382 level (Fibonacci retracement level) before the last low … before selling at the end of a bear market …
And so there is another way that Bitcoin will fall in June. I put up with it again, and then it just goes back up (about $87,000). People pay me back, then you sell in Q4. “
Bitcoin is trading at $76,861 at the time of writing, flat on the day.
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