Analyst Benjamin Cowen says he’s bullish on Bitcoin (BTC) despite the crypto king falling by around 12% from its all-time high price.
In a new strategy session, Cowen tells his 933,000 YouTube subscribers that the downturn in Bitcoin is nothing out of the ordinary in the month of September during the post-halving years.
“So, as far as I’m concerned, this is playing out how it always plays out in post-election years, post-halving years. There could still be a little bit more weakness for another week or two. But hopefully we see better times as we get out into Q4.”
Cowen says his bullish bias will remain even if Bitcoin falls below its bull market support band, but not if BTC falls below the 50-week moving average. The Bitcoin bull market support band is composed of the 20-week simple moving average and the 21-week exponential moving average.
“…the whole point of September was that we would spend the whole month testing the bull market support band. If it goes below it, it still has the ability to try to find support at the 50-week moving average, which it’s found support throughout this entire cycle.
I will only flip my bias this early into the last part of the post-halving year if we have a weekly close below the 50-week moving average. As long as it stays above the 50-week [moving average], there’s always hope.”
According to Cowen, the 50-week moving average is “basically below $100,000.”
Bitcoin is trading at $109,299 at time of writing.
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