Bitcoin will survive the cross of death and go to $100,000, analyst says

Charlie Taylor

Coingoback" srcset=" 700w, uploads/2022/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, 150w, 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;"/>After crossing two important moving averages for the price of bitcoin, traders were right to predict a short-term drop for the cryptoactive However, this is not the end of a bullish wave for cryptocurrency, according to analyst Benjamin Cowen. BTC below 200-day moving average The event is generally seen by many traders as a bearish indicator. tell its 465,000 subscribers that moving averages are lagging indicators that often tell us what we already know. “Do you have to hear that things are pessimistic lately? No, you don't,” he said in a recent video. Cowen, who has already come up with the idea of ​​lengthening the bull cycles for Bitcoin, says a long period of consolidation and variation is in store for the market's leading cryptoactive. The analyst says he believes the BTC is heading for $100,000, but that it takes longer to reach that target price than many anticipate.

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“I would say that Bitcoin, as we've discussed many times, will most likely have a much longer cycle than many speculate it will. So it's also likely that in consolidation periods most people underestimate, just as we spent half a year consolidating in 2019 after moving to $14,000.”

Cowen says that now that the cross of death is complete, one positive thing Bitcoin bulls can look forward to is a potential “golden cross,” or the crossing of the 50-day moving average above the 200-day moving average, which is considered a highly optimistic signal by many traders.

“One good thing about the cross of death is that the next thing you can expect is a future golden cross. Now, I don't know how long it will take… We know that historically speaking, at least in the last few years, it can take six months to get above 20 weeks (moving average) and then keep it as support.”

Check out the full video in English below. Read too:

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