Analyst Benjamin Cowen says Bitcoin is at a critical point as it approaches major resistance right at the previous ATH.

In one Strategy meeting Newly, Cowen said that Bitcoin, having reacted strongly to the 50-week simple moving average in July, has since drawn a bullish structure.

Cowen believes the final major hurdle on BTC’s ATH path will be to break resistance near $ 65,000, just 5% from the current price.

“Bitcoin has recovered significantly from the 50-week SMA in August. The price had a change in September, basically a very likely scenario, and then held that line. Next, there will be clear skies with little resistance, and I believe in it.

The only cloud I think of is just the resistance at ATH and I believe Bitcoin will break it. It takes time and will eventually pass. The advantage is in favor of the cops. “

Cowen said that while it is usually logical for Bitcoin to correct, now is not the time. He said that the price of BTC will go down as soon as there is a significant upward move.

“Discounts are not uncommon. I’m a bitcoin cop myself, but I keep a few drops for testing. And that’s why I offer discounts in April and May.

I can now say that I’ll be bearish again on Bitcoin, but provided it has to make another upward move before it falls. “

The technical analyst suggests that the worst-case scenario for BTC for now is a rejection at an all-time high before slipping to $ 40,000.

Price target at the end of the bull cycle

Macro investor and Real Vision CEO who is Raoul Pal demonstrate Big price target for Bitcoin together with ETH before the end of this bull cycle. He suggests that the new wave of big business will soon move into the crypto space as the market matures.

“So who is the next big Bitcoin buyer? I know pretty well. It’s institutions, it happens and it will soon increase especially when the price breaks out. Why? Simply put, herd mentality. “

Pal added that the availability of a Bitcoin ETF will make the crypto market more accessible to casual investors, which will drive a “huge” amount of capital into the room. He also predicts there will be more national mutual funds allocating capital to BTC.

Regarding the year-end price target and the end of the current bull cycle, the macro expert said:

“I think Bitcoin will be around $ 200,000 and ETH will be close to $ 15,000, but at the end of the cycle, Bitcoin will be around $ 400,000 and ETH around $ 40,000.”

This goal implies a gain of 400% BTC or 966% ETH compared to the current value of the two largest crypto assets.

Pal also said that as cryptocurrency adoption increases, the market will become less volatile and less prone to clear bull and bear market formations.

You can see the coin price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Annie

Bitcoin magazine

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