Bitcoin Looks Ready for Breakout as Analyst Points to 3 Key Factors

Prominent trader Benjamin Cowen thinks Bitcoin looks “extremely bullish”. In one Video The analyst now points out that BTC has achieved three things that it needs to continue to recover.

First, Bitcoin has risen above the 20-week simple moving average (SMA). Second, the chart shows a “golden cross” that occurs when the short-term moving average (MA) crosses over the long-term MA. This technical pattern often signals a possible breakout. Third, BTC has also noted a higher low.

“As soon as BTC has crossed the 20-week SMA and established a golden cross, all that remains is to hold the line. If successful, what happens? Clear sky in front of us. ”

Source: Benjamin Cowen

BTC is trading at $ 58,266 at press time, up nearly 6% from the week and over 40% in the last 14 days.

Cowen noted that Bitcoin’s price could fall in the short term, but investors shouldn’t be put off by that. He said $ 58,000 is the first area of ​​resistance to watch and any level between $ 58,000 and $ 65,000 could be resistance. Cowen concludes:

“Bears lack faith.”

Historic opportunity

Analyst Pentoshi suppose i think Bitcoin’s bull run presents a great opportunity for traders.

According to him, before the crypto market is pulled up, Bitcoin’s move up offers an opportunity to profit from Bitcoin with altcoins.

“If BTC is going up + altcoins are going down then this is a really great opportunity in history because you can take BTC to a new all-time high and then pull altcoins to your ATH.”

Pentoshi believes that ATH is almost safe for BTC. But traders will likely still see prices drop below $ 55,000.

He sees $ 73,200 and $ 85,000 as the next levels Bitcoin hit in the fourth quarter.

“Reached $ 58,000. So far, so good. What’s next?

I think the best scenario to buy the dip now is $ 53,000- $ 55,000 for a higher low. It seems that many have taken advantage of the much lower lows and Bitcoin is in a new trend. ATH is almost certain for Q4. ”

The source: Pentoshi

Brothers recall Traders that Bitcoin is moving with a strong uptrend, but the decline will be flatter with less uptrend.

“BTC’s downward trend is not deep. A lot of people wait for a retest but never get it. There are clearly two important areas ahead of us before potential ATHs are reached. ”

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