Bitcoin has been between $ 30,000 and $ 40,000 in the past few weeks. In fact, the benchmark cryptocurrency will continue to spend more time in this price range, according to prominent analyst Benjamin Cowen. Comment on the prospect of Bitcoin in a Video Recently, the analyst pointed out that:

“If I had to confirm anything, Bitcoin is currently in a downtrend rather than an uptrend … I think technically we can only say bitcoin to some extent because it was previously trading at those levels.”

Cowen also claimed that an “immediate rebound” is not very likely for BTC at the moment. Shattered hopes for a V-shaped rebound, the analyst said:

“Don’t expect a V-shaped rebound … The fact that Bitcoin has been trending sideways for the past two months more or less proves that the market is overheated and needs more time to cool down.”

Source: Glassnode

So that the market is currently recovering, the big players have to step in. Fortunately, net institutional growth is increasing, making BTC’s growth environment more favorable.

Accumulation in a range is “good for the market,” the analyst said. The 20 SMA is hovering above the current price and sloping down. If the 20-week SMA continues to fall, the analyst claims that Bitcoin will make it easier to break over it and hold it as a support. Cowen added:

“Yes, at the moment I agree that the market is on a downtrend, but I think Bitcoin will eventually move to the other side.”

BTC / USD weekly chart | Source: Benjamin Cowen

Currently, Bitcoin’s volatility index also suggests a favorable environment for the asset to grow. Highlighting the same thing, on-chain analyst William Clemente tweeted.

Bitcoin Volatility Index – Looking for a Big Step pic.twitter.com/NvcSYFRLyx

– William Clemente III (@WClementeIII) July 11, 2021

In the end, Cowen concluded that:

“Yes, Bitcoin will likely recover in the fourth quarter and move into the six-digit range. Then the market cycle peaks at the end of the year, but I think people should be flexible. “

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According to Ambcrypto

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