Cryptocurrency analyst Benjamin Cowen is saying that Bitcoin (BTC) could possibly be on the verge of a pullback after hovering to new all-time highs.
In a brand new technique session, Cowen tells his 898,000 YouTube subscribers that Bitcoin is on the cusp of forming a golden cross sample on the every day time-frame.
A golden cross sample happens when a 50-day shifting common crosses above the 200-day shifting common. Cowen says that whereas the golden cross sample is often bullish, it has beforehand led to Bitcoin “dumps” previously.
“My prior experiences with golden crosses influenced me to suppose that with a golden cross, you get a correction. We had a correction after the golden cross in 2019, we had one in 2020. We had additionally had one in 2021… …we additionally had one after a golden cross in 2015 and that was a a lot deeper correction.”
In accordance with Cowen, Bitcoin may expertise a correction of double-digit share factors after the golden cross sample types.
“ prior golden crosses… …simply noticing that lots of occasions you get a golden cross, you get a couple of 10 to fifteen% drop.”
The broadly adopted crypto analyst additional says,
“So my prior experiences with golden crosses with Bitcoin in 2023 had at all times informed me that you simply rally up by the point you get to the purpose the place you get a golden cross value motion has already carried out very very nicely, folks are inclined to get euphoric, they begin calling for crazier and crazier value predictions within the brief time period. After which what finally ends up taking place is then Bitcoin will get a pullback. And it retains these folks in test. And it’s simply form of a method of the market… calming down for a short time.”
Bitcoin is buying and selling at $110,911 at time of writing.
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