Analyst Benjamin Cowen predicts Bitcoin rally as BTC follows 2018 “Move For Move” market structure

Bitcoin (BTC) has been following a certain market structure since 2018 “movement for movement”, according to cryptographic analyst Benjamin Cowen.

In a new strategy session, Cowen tells his 744,000 YouTube subscribers that in January 2018, Bitcoin managed to print higher lows between $ 9,000 and $ 11,000.

Cowen notes that Bitcoin ended up exploding and hit a new low at around $ 5,800 at the time.

“You can see that in 2018 we had a fund, we had a higher fund, [and] we have this [which is] a pathetic attempt to descend higher. [We] it finally settled on a lower low and returned to the trend line. In addition, it was a rejection of the 200-day simple moving average [SMA] Between.”

According to Cowen, Bitcoin has reflected the structure of the 2018 market over the past few months. He notes that BTC printed several higher lows between $ 30,000 and $ 39,000 from January to May before finally correcting up to $ 26,000.

Source: Benjamin Cowen / YouTube

The crypto trader adds that if BTC really follows the fractal, then Bitcoin could have a strong rebound.

“What happened [in 2018] is that we have climbed the trend line that was resisting, because in bearish markets, the trend lines tend to hold resistance. We also reverted to the 200-day moving average, so there was some confluence between this trend line where we were placing higher lows and the 200-day SMA.

Cowen points out that if you hypothetically extend the current 200-day moving average through mid-June, it will likely be between $ 40,000 and $ 42,000.

“With that in mind, we need to ask ourselves,‘ Well, does that level matter? And I would say it’s very important. The $ 40,000- $ 42,000 level has a lot to do with Bitcoin because it is where we were first rejected in January 2021. We were also rejected in the summer of 2021 after falling below … So if the fractal has to play, which, as always, is a big yes, that would mean that over the next few weeks we could see this bomb again for up to $ 40,000, roughly a few thousand dollars.

Bitcoin is trading at $ 29,305 at the time of writing. The best-ranked cryptocurrency by market capitalization has fallen more than 2.5% in the last 24 hours.

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