While cryptocurrency investors are questioning whether the rise in Bitcoin will continue after the peak of $ 73 thousand, US financial analyst Benjamin Cowen said that the point to pay attention to here is the 200-day simple moving average.

Benjamin Cowen, known for his cryptocurrency market analyzes on YouTube and X, said that Bitcoin must reach its 200-day simple moving average again for the rise to continue.

“4. "It will determine whether it will rise in the quarter or not."

Giving relevant examples from past cycles and bull seasons, Cowen said:

“Bitcoin is currently below its 200-day simple moving average. It saw its lowest level on July 5. I think where we will be in the 4th quarter this year will be determined by how quickly this level can be achieved.

In 2013, Bitcin fell below this average. The bottom was seen again on July 5, but then a slow upward climb followed and a rally occurred in the 4th quarter.

In 2016, BTC fell below this average in August. However, it came back quickly here too and a year-end rally took place.

In 2019, it fell below the 200-day simple moving average in September. And in the end he couldn't get here within a certain time. Finally, Bitcoin crashed in the 4th quarter.

It's hard to predict what will happen here. I will continue to look at the 200-day simple moving average. The sooner Bitcoin reaches that level, the more likely we are to see a rally in Q4. The longer this period is, the greater the possibility of a decline, as in 2019. Then the rise will come maybe a year later.”

“Not everything can be a carbon copy”

Referring to the comparisons he made with previous cycles, Cowen said, “It is always easy to make a comparison with previous years. Remember that each cycle is slightly different from each other. "Therefore, I never think about 'which year we will experience a carbon copy of in the next cycle?'" he said.

The 200-day simple moving average, an important indicator for determining long-term trends in Bitcoin, is currently around $58,758.

Bitcoin, on the other hand, increased from 55 thousand dollars in the morning to 57 thousand dollars in the afternoon...

- Uzmancoin