The 2019 bear market is coming back to haunt Bitcoin, explains Benjamin Cowan - The Daily Hodl
The renowned crypto analyst warns that #Bitcoin (BTC) could repeat the 2019 bear market pattern, and for good reason.
the bull market support #band is formed by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
The price movement below this band [between September and December 2019] mostly occurred when the Fed adjusted monetary policy due to signs of a weakening economy. Recently, the Atlanta Fed projected negative GDP in Q1. We'll see if that forecast holds true. But combined with inflation, inflation worries, tariffs and other factors, we see the price falling below the bull market support band.
But Cowen thinks bitcoin could return to the bull market support band if the S&P 500 Index recovers from last week's massive sell-off.
again we talked about S&P probably showing weakness between February OPEX and March OpEx. In my opinion, the best scenario for S&P is that the local low has already been reached. There are many examples where the local low is reached around mid-March. Sometimes it happens around mid-April.
If you want to understand when bitcoin can return to the bull market support band, you need to watch when the S&P 500 reaches a local low. Will it show weakness until late March or early April? Or will it gain strength earlier? And I think this is what will ultimately determine how long it will take for bitcoin to resume its upward movement.
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Benjamin Cowan warns of a repeat of the 2019 bear market for bitcoin - here's what he means.
The 2019 bear market is coming back to haunt Bitcoin, explains Benjamin Cowan - The Daily Hodl
The renowned crypto analyst warns that #Bitcoin (BTC) could repeat the 2019 bear market pattern, and for good reason. the bull market support #band is formed by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). The price movement below this band [between September and December 2019] mostly occurred when the Fed adjusted monetary policy due to signs of a weakening economy. Recently, the Atlanta Fed projected negative GDP in Q1. We'll see if that forecast holds true. But combined with inflation, inflation worries, tariffs and other factors, we see the price falling below the bull market support band. But Cowen thinks bitcoin could return to the bull market support band if the S&P 500 Index recovers from last week's massive sell-off. again we talked about S&P probably showing weakness between February OPEX and March OpEx. In my opinion, the best scenario for S&P is that the local low has already been reached. There are many examples where the local low is reached around mid-March. Sometimes it happens around mid-April. If you want to understand when bitcoin can return to the bull market support band, you need to watch when the S&P 500 reaches a local low. Will it show weakness until late March or early April? Or will it gain strength earlier? And I think this is what will ultimately determine how long it will take for bitcoin to resume its upward movement. Read us at: Compass Investments