Crypto analyst Benjamin Cowen says Bitcoin bears are worried as BTC’s technicals continue to look more and more convincingly bullish.
In a new strategy session, Cowen says traders that have been anticipating a bear market ever since Bitcoin corrected in May are running out of ways to justify it on the chart.
He says that regardless of what happens in the next few days or weeks, he ultimately sees the king crypto grinding considerably higher.
“The bears are running out of lines to redraw. I’ve seen them around, they’re getting a bit more skittish than they used to be a few weeks ago, but it’s only a matter of time before the bears have to throw in the towel because right now I think they’re on life support…
What do we know with Bitcoin? Time is on our side. Whatever happens tomorrow whatever happens next week, what do we know? Time is on our side. Don’t miss the forest for the trees, just stay focused, nothing has changed. Ultimately I do think Bitcoin will prevail and trend much higher than a very modest $64,000-$65,000.”
The analyst says that his “Cowen Corridor” indicator, which is meant to act as a long-term range showing the bottom and top of each Bitcoin trend, suggests that BTC is targeting $103,000. The bottom of the range is $26,000 – but he says he doubts Bitcoin is going there.
Looking at Ethereum, the analyst says the second-biggest crypto by market cap is very close to breaking out, and in for a strong 2022 or potentially late 2021.
“I think we’re just in a long accumulation and actually we are slowly trending up here… It could extend for another month or so maybe but I do believe that Ethereum will break out eventually, and when I say ‘eventually’ I’m looking at no more than three months, probably before then. I do think Etherum will do well in 2022 but that doesn’t mean it can’t make moves in 2021.”
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