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Looming Test for Bitcoin Could Determine Strength of Bull Market, According to Analyst Benjamin Cowen

by Daily Hodl Staff
August 16, 2021
in Bitcoin

Crypto analyst Benjamin Cowen says Bitcoin (BTC) will face a critical test this September that could determine the future of its bull market.

In a new strategy session, Cowen claims that in September of each year since 2017, Bitcoin tested the 20-week moving average and either bounced off it or plunged through it.

“August can actually be a fairly decent month for Bitcoin. But what’s more interesting to me is September. Why? Because every September for the last four years Bitcoin has tested the 20-week moving average.”

Cowen says that if Bitcoin once again tests the 20-week moving average, the reaction of market participants could foreshadow BTC’s price action in the coming months.

“What I think could happen in September is a test of the 20-week, and this test of the 20-week – if we get it – will instrumentally determine the level of bullishness that Bitcoin will have for the next several months following October, November, December, maybe January, February, March, April – same thing last year. It will be instrumental in determining – are we going to get bullish now, or do we kick the can down the road a few months?”

Cowen says that although Bitcoin bulls may fret about a correction down the 20-week moving average, which is currently near $43,500, upward action is likely to occur if BTC can hold that level as a support.

“Honestly, this is not a bad possibility because… If we hold it as support, then that’s when good things happen. That’s when good things happen – when we hold the 20-week as support. That’s what I would be looking for.”

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