Analyst Benjamin Cowen predicted the Bitcoin rally as BTC followed the market structure in 2018.

According to cryptocurrency analyst Benjamin Cowen, Bitcoin (BTC) has been following a specific market structure of a ‘move to go’ since 2018.

In a new strategy session, Cowen inform Bitcoin printed a higher low between $9,000 and $11,000 in January 2018, according to 744,000 YouTube followers.

cowen note Bitcoin eventually erupted, hitting a low of around $5,800 at the time.

“In 2018, there were lows and there were higher lows. [and] we had this [which is] A pathetic attempt at a higher low. [We] Ultimately it lowers the lows and backs up with the trend line. Moreover, it was rejected from the 200-day simple moving average. [SMA] between.”

According to Cowen, Bitcoin has reflected the market structure of 2018 over the past few months. He emphasizes that BTC printed several high lows between $30,000 and $39,000 from January to May and eventually corrected to $26,000.

Source: Benjamin Cowen/YouTube

Cryptocurrency traders added that Bitcoin could see a strong rally if BTC actually follows the fractal.

“What happen [in 2018] In a bear market, the trend line tends to hold resistance, so it has moved back up to the trend line where we held resistance. We also climbed back up to the 200-day moving average, so there was some confluence between the 200-day SMA and the trendline that set higher lows.”

Cowen says if the current 200-day moving average is hypothetically extended through mid-June, it will be between $40,000 and $42,000.

“With that in mind, we were like, ‘Well, does that level matter?’ And I argue that it is very important. The $40,000 to $42,000 level puts a lot of weight on Bitcoin as it was where Bitcoin was first rejected in January 2021. We were also rejected after falling below that in the summer of 2021… So if your fractal looks like this, that means, as always, we’ll see the pump add or subtract around $40,000 to $2,000 over the next few weeks.”

Bitcoin is trading at $29,305 at the time of writing. The top crypto assets by market cap are down more than 2.5% in the last 24 hours.


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