This Could Help Bitcoin Kick Off Reversal, Analyst Says

There is a famous crypto analyst who addresses historical Bitcoin trends and the US stock market in order to determine when the digital assets might regain some positive momentum.

It’s been just revealed that Benjamin Cowen recently said that steep corrections like the one Bitcoin has experienced since reaching an all-time high above $69,000 last November can’t be expected to flip overnight.

“You should assume, based on history, anytime Bitcoin’s closing below the bull market support band, you should just assume that it’s going to be a few months before we can realistically have a shot at getting back above it…”

It’s also important that Cowen added that his best-case scenario for Bitcoin might materialize if the US equity markets rally for an extended period of time.

“What we would assume for that to happen, we’d have to see stocks be green for a few weeks. As much as we like to think that we live in a bubble where crypto does its own thing, it’s not true.”

It’s been just revealed that an important crypto trader is unveiling a scenario where Bitcoin (BTC) regains its bullish momentum and skyrockets over 80% this year.

The pseudonymous analyst DonAlt says that Bitcoin is trading in a wide range in the weekly timeframe between $33,000 and $60,000.

According to DonAlt, the massive range is bringing two solid entry opportunities for BTC.

“There [are] two places where you can take a trade in this instance: one the range low ($33,000), which I did. And then two, and I’m going to take that trade if it presents itself, is breakdown into reclaim [of $33,000] into okay… mega moon it [to $60,000].”

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $38,276. Stray tuned for more crypto predictions, and make sure to keep your eyes on the crypto market.