Popular crypto trader Benjamin Cowen thinks Bitcoin looks “incredibly bullish.”
In a new video, the analyst tells his 566,000 YouTube followers that BTC has accomplished the three things it needs to keep moving upwards.
First, Bitcoin rallied above the 20-week simple moving average (SMA). Second, Bitcoin’s chart saw a “golden cross,” which occurs when a short-term moving average crosses above a long-term moving average. The technical pattern is often viewed as an indicator that a breakout may be on the horizon.
And third, Cowen says that BTC also hit a higher low.
“Once we got above the 20-week, once we had a golden cross, the only other thing left to do for Bitcoin? Hold the damn line.
If you hold the line, what happens? Clear skies ahead.”
BTC is trading at $56,574.13 at time of writing, according to CoinGecko. The largest crypto asset by market cap is up nearly 10% on the week and more than 38% in the past 14 days.
Cowen notes that Bitcoin could have pullbacks in the short-term future, but he also argues that shouldn’t scare investors. The trader says $58,000 is the first area of resistance to watch, noting that anywhere between $58,000-$65,000 could see resistance.
“The bears are in disbelief.”
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Featured Image: Shutterstock/Tithi Luadthong