A widely followed crypto analyst is predicting further rallies for Bitcoin (BTC) as the crypto king hovers above the $30,000 level.
In a new strategy session, crypto analyst Benjamin Cowen tells are 783,000 YouTube followers that the largest crypto asset by market capitalization seems poised to build on the spikes that started this year.
However, Cowen warns that BTC tends to consolidate weeks or months after peaks.
“An interesting thing about these rallies that Bitcoin has had, starting at week 20 (moving average) or at least once it gets above it, is that a lot of the movement happens quite quickly and then you can see the next month or so. spend two. consolidate.”
Using examples from previous BTC rallies this year, Cowen says Bitcoin traders should expect long periods of consolidation after a burst to the upside.
“[The rise in early 2023] happened really fast, and we technically went higher a few weeks later, but it was mostly just kind of a slow bleed with a higher high at some point.
The same [in March’s rally]. Most of the move happened in that first week and then we kind of moved up a little bit a few weeks later, but then we ended up consolidating for a few more months after that.
So you could say that whatever happens in [the latest upswing] will probably happen within the next few weeks based on what we’ve seen here, and then you could see kind of a longer consolidation period after that.
Looking at Cowen’s chart, he seems to predict that Bitcoin could rise to a high of around $33,000 before slowly retreating to around $29,100 in September.
Cowen also says that Bitcoin appears to be the vibrations of its bullish price action in 2019 as BTC initiated three 80% rallies from trough to peaks. According to the top trader, Bitcoin has printed two rallies of around 60% so far this year and could be in the midst of a third surge that could propel the top crypto close to $40,000 – if history repeats itself.
Bitcoin is trading at $30,588 at the time of writing, a fractional drop over the past 24 hours.
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