Popular crypto trader Benjamin Cowen doesn’t think Bitcoin (BTC) is likely to escape its price doldrums any time soon.
The analyst tells his 687,000 YouTube subscribers that Bitcoin has fallen far short of its bull market support band, a market indicator derived from the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
BTC is currently trading at $42,246, which is way below the 20-week SMA ($52,400) and the 21-week EMA ($49,600).
“Yes, the market is bearish.
You’re better off just calling it what it is, right?
The market is bearish right now.”
As for the first quarter this year, the crypto trader believes that BTC will likely not print mind-blowing gains in the coming months.
“It’s going to be a bit of chop here, whether it means further downside a little bit, whether it means we come up and the come back down and test it [$40,000], whether it means best-case scenario we go up above it [$50,000] and then test it and hold it as support.
Either you slice it, no matter what you look at, whether I take the most bullish case I can imagine or the most bearish case I can imagine that’s realistic, I don’t see a parabolic Q1…
What’s more important is continuing to build out this market structure [range between $30,000 and $60,000], eventually getting above the bull market support band, holding it as support and then trending higher.”
ICheck Price Action
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Featured Image: Shutterstock/Tithi Luadthong