Analyst Benjamin Cowen is saying that the possibility of Bitcoin (BTC) rising higher will increase if the flagship cryptocurrency manages to go up above a key moving average on the weekly chart.
In a new video, Cowen tells the 803,000 subscribers of his YouTube channel that Bitcoin is currently in a “very critical spot” and is poised for a “further rally” if BTC rises above the 20-week moving average and maintains that level as support.
“In 2021, I said something very similar. I said if we can hold the 20-week Smooth Moving Average (SMA), we should have clear skies ahead. And we did for a little while. We did put in a new all-time high.”
According to Cowen, Bitcoin will need to break above the 20-week SMA in order to replicate the massive rallies it has traditionally enjoyed months after the halving. Cowen says that so far Bitcoin’s price action is mimicking what happened to the flagship crypto asset in 2013.
“If you look at 2013 what happened is we wicked above the 20-week SMA a couple of times just like we just did. But then ultimately it took about a month to get back above it. And you can see that back in 2013 we were also generally setting a series of lower highs as well we slowly worked our way back above the 20-week Smooth Moving Average, by August came back down, held it as support in September and then we had a Q4 rally.”
Bitcoin is trading at $64,400 at time of writing.
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