Benjamin Cowen, a popular crypto analyst, is looking for Bitcoin prospects, as the cryptocurrency continues to trade below $50,000.
Cowen stated that Bitcoin is currently trading well below its bull market support band. At the time of writing, Bitcoin was trading at $46.680.77.
The bull market support band is a technical indicator, which is a combination of a 21-week exponential moving average (EMA) and a 20-week simple moving average (SMA).
The SMA for Bitcoin is around $53,000 and EMA is around $51,000, meaning that the next few months for Bitcoin are going to be rough.
It has been witnessed in the past that when the digital asset falls below SMA, it takes several months to break above it.
The crypto analyst said that since it’s just been one month for the current dump in Bitcoin, it still has some time before it breaks back. Cowen predicts that “in the first quarter of 2022, it is very unlikely that Bitcoin will see any major market cycle peak, not until late 2022 it might be possible or it might be only possible in 2023.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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