Benjamin Cowen, a well-known analyst, expresses optimism about Bitcoin (BTC) despite its recent decline of approximately 12% from its peak value.
In his latest strategy discussion, Cowen informs his 933,000 followers on YouTube that Bitcoin’s dip is typical for September in years following halving events.
“From my perspective, this trend aligns with the usual patterns observed in post-election and post-halving years. We might experience some continued weakness over the next week or two. However, there’s potential for improvement as we move into the fourth quarter.”
Cowen maintains his positive outlook even if Bitcoin drops below its bull market support band but notes a shift if it falls beneath the 50-week moving average. This support band includes both the 20-week simple moving average and the 21-week exponential moving average.
“The essence of September was to spend time testing this bull market support band. Should it fall below this level, there’s still an opportunity to find backing at the 50-week moving average—a point where it’s consistently found support throughout this cycle.”
“I will reconsider my stance only if we see a weekly close under the 50-week moving average early in this final segment of post-halving year. As long as it remains above that threshold, there’s reason for optimism.”
Cowen indicates that currently, the 50-week moving average stands “essentially below $100,000.”
At present, Bitcoin is valued at $109,299 according to available data.
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