Bitcoin Could See Massive Trend Shift – Where Can The Price Of BTC Go?

It’s been just revealed that the price of Bitcoin could see a massive trend shift these days. Check out the latest reports about the price of BTC below.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $23,012.

It’s been just reported that the crypto analyst Benjamin Cowen says Bitcoin (BTC) is setting up for a potential trend shift. It’s important to note the fact that this could result in an explosive rally similar to the one in 2019.

In a new strategy session, Cowen said the fact that three different technical indicators are converging at a key price level for Bitcoin.

As the online publication the Daily Hodl notes, the 50-week moving average is on a downward trend and the 200-week moving average is on an upward trend. These are both moving toward one another. The two moving averages appear likely to meet at BTC’s recent high of around $25,000.

“You have the 50-week [average] coming down. You have the 200-week [average] going up. And then you have the price rallying on up to it. You also have the prior local top at $25,200. And look at this local top: right in between those two moving averages. It’s almost too perfect that they’re all converging to the same level.”

The analyst continued and said the following:

“I imagine [breaking $25,000] will be a battle. With that said… there were a lot of people over here [in 2019] that said $6,000 is going to take a long time to break. They said, ‘We’re going to come back down, and it’s going to take forever to break it.’ And we just sliced through it like it wasn’t even there. Okay, so momentum is a powerful thing.”

Stay tuned for more news from the crypto space.