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$38K Incoming? Benjamin Cowen Sheds Light on Bitcoin’s Next Move

Published 01/18/2024, 09:21 PM
Updated 01/18/2024, 09:45 PM
© Reuters. $38K Incoming? Benjamin Cowen Sheds Light on Bitcoin’s Next Move
BTC/USD
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  • Benjamin Cowen points out that Bitcoin tends to retrace to support levels after surges, and is influenced the by Federal Reserve actions.

  • Bitcoin’s interaction with the 8-week moving average is crucial for predicting its price movements.

  • Cowen warns of significant Bitcoin corrections impacting altcoin markets, especially in the early months of the year.

In a recent YouTube video, cryptocurrency analyst Benjamin Cowen provided an in-depth analysis of Bitcoin’s current market trends and potential future movements. Cowen’s insights offer a fresh perspective on Bitcoin’s price behavior, highlighting key indicators and historical patterns that could influence its trajectory in the coming weeks and months.

Cowen emphasized the historical pattern of Bitcoin’s behavior, particularly its interaction with critical support levels. He pointed out that, historically, Bitcoin has shown a tendency to retrace to previous levels for confirmation after a significant price surge. This pattern has tended to appear in February of BTC halving years, when Bitcoin rebounds from the bull market support band, although it failed to hold this support in 2020. According to Cowen, the Fed…

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