Closely followed crypto analyst Benjamin Cowen believes that Bitcoin (BTC) may print new all-time highs by the end of the year.
In a new strategy session on YouTube, Cowen tells his 927,000 subscribers that Bitcoin may reach a cycle top in November or December based on historical precedent as long as the flagship crypto asset continues trading at or above the bull market support band.
[adinserter block="1"]The bull market support band is a technical indicator combining BTC’s 20-week SMA (simple moving average) and 21-week exponential moving average (EMA).
“If [Bitcoin] could hold support at the bull market support band, then it would set up a really nice rally to end the market cycle in the fourth quarter of the year, which is when all prior market cycle tops have occurred… November of 2013, December of 2017, November of 2021. That would set up for a final rally into the market cycle top, assuming we can hold here at the bull market support band.”
Looking at his chart, the trader indicates that in the prior three cycles, Bitcoin retested the bull market support band on the weekly chart months before having explosive breakouts reaching cycle peaks.
Cowen also says Bitcoin may start printing new all-time highs as early as next month based on prior cycles.
“My guess is that a new all-time high for Bitcoin would likely not occur in September, but it’s possible to have one in October. A lot of times, you’ll still see September form a low… the low could form at any point during the month and then start to go up.”
Bitcoin is trading for $112,049 at time of writing, up marginally on the day.
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