Widely followed crypto analyst Benjamin Cowen says that a strong capitulation for Bitcoin might be needed before traders can start talking about a bullish reversal.
In a new strategy session, Cowen says that previously, he called for a capitulation to fuel the next leg of the Bitcoin’s bull run but never really got what he was looking for.
With BTC collapsing under the $40,000 level for the third time, the closely followed analyst is now looking at what a potential capitulation would look like.
Cowen points to three of the most important long-term moving averages that have held BTC up at support in its multi-decade growth trajectory, which are the 300-week, 200-week and 100-week moving averages. He says a dip below the 100-week simple moving