Bitcoin has begun to show some signs of life, signaling a bull market, and bears should not expect a price of $10 000. This was stated by crypto analyst Benjamin Cowen.
He noted that the price of digital gold has broken out of the downtrend and rose above some key lines, including the 20-week SMA and the 21-week EMA. The next four weeks will be decisive, he said.
“We have broken out of the pattern — the downtrend. Bitcoin is showing some signs of life. Many bears are expecting a price of $10 000, but I don\’t think it will return to that level. Bitcoin could fall, but not by that much,” the expert noted.
According to him, many traders indeed dream of such a drop, but it would be well below the downside level possible under the logarithmic-regression model.
The only time the price fell below the model’s projected marks was in March 2020. In Cowen’s view, that was largely the result of the pandemic shock.
He believes that to confirm a bullish trend, Bitcoin must hold above $53 000.
As reported, on October 5 the price of the first cryptocurrency breached the notable $50 000 mark. The next day, quotes rose above $51 800.
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