Widely followed crypto analyst Benjamin Cowen has a timeframe for when Bitcoin could finally be “off to the races” on a rally past all-time highs.
In a new strategy session, Cowen identifies the 20-week moving average (EMA) as the place where Bitcoin will need to hold the line in order to maintain bullish momentum.
“So the $42,000-$43,000 range is in fact where we would ideally like to hold the line. And we’ve already tested it, so if from here we move up, well then technically, speaking we had a test of the bull market support band, and it happened in September.”
The analyst says that if BTC can hold the critical level around the 20-week moving average, then fresh rallies should be in the cards for the flagship cryptocurrency. But even if Bitcoin breaks down through the major support, Cowen says that Bitcoin simply needs a bit more time before regaining the level.
“If we hold it, then