Popular crypto analyst Benjamin Cowen says that Bitcoin (BTC) metrics still look healthy, even after its historic price action over the past couple of weeks.
Cowen tells his 601,000 YouTube subscribers that Bitcoin could surge to more than $70,000 if it repeats a price pattern formed during the moves it made across July, August, and September.
The analyst also notes the largest crypto asset by market cap is trading well above its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA), two technical indicators that he refers to collectively as the “bull market support band.”
Bitcoin is trading at $67,080 at time of writing and shot up to its all-time high of $68,641 on Monday. Cowen notes BTC’s 20-week SMA sits at $48,400 and its 21-week EMA is at $51,700.
“The bull market support band looks good. Looks healthy. The eight-week moving average – we’re still well above it. That looks healthy.”
The analyst also says Bitcoin is trading above its 21-day EMA, which is at $61,200.
Additionally, Cowen notes that Bitcoin’s weekly closes above $60,000 are a positive sign.
However, the analyst cautions against expecting the types of parabolic rallies that BTC experienced in 2013 and 2017.
“I would say be somewhat conservative with your projections. Be conservative and then be pleasantly surprised if you’re wrong. That’s at least how I navigate the cryptoverse.”
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Bryan Vectorartist