Crypto analyst Benjamin Cowen is outlining the crucial levels to watch in Bitcoin as the world’s largest digital asset by market cap struggles to reclaim $40,000.
In a new strategy session, Cowen says that while he’s ultimately bullish on Bitcoin, he still thinks it’s in traders’ best interest to be prepared for shorter-term bearish price action.
“I don’t think you are doing yourself any favors if you’re not considering the downside risk, and putting out bearish scenarios is not a bad thing. You should consider bearish scenarios. You shouldn’t just say, ‘Oh it’s FUD’ and, ‘Don’t bother me with FUD. All I want to hear is it’s going up every single day.’ You’re not doing yourself any favors. If anything, considering bearish scenarios helps you capitalize on it if it does go very bearish.”
Cowen says that being prepared for a drastic move downward can mean taking advantage of a prime entry point.
“If you operate deterministically and say