Bitcoin price turned down resistance at $ 48,000 on Saturday and was trading at $ 45,787. This meant that the downward pressure has remained on the market and we are not out of the woods yet. However, analysts have found a proven sign to predict which direction BTC the market might take.
Financial analyst and creator of Towards the Cryptoverse, Benjamin Cowen in his latest vlog noted that the “real test” for Bitcoin is “coming”. The market analyst believed that the price of Bitcoin could hit $ 100k sooner rather than later and the historical data will always be a good indicator of that. $ 100k seems like a big target when we’re at a $ 45.7k price level, but are we going to see a change in sentiment?
Cowen highlighted that September is an important month for the price of Bitcoin. Elaborated,
“What is most interesting for me is September. Why? Because every September for the last four years, bitcoin has tested the 20W SMA. “
Since 2017, the price of Bitcoin has tested the 20W simple moving average every year except once in 2019. The price managed to maintain the support offered by the 20W SMA three times out of four and currently, given the momentum in the Bitcoin market, the price was low.
Although this was a visible trend in September, it could be taking shape early this year. According to Cowen, the 20W SMA was currently at a “modest” price level of $ 43K. Whereas, the price of BTC remained between 8% and 9% above the 20-week estimate. However, as downward pressure was introduced to the market, Cowen estimated that the price would trend down near $ 43,000.
Cowen’s analysis for September also aligned with Plan B prediction by the price trend. The prominent chartist was criticized for his Stock to Flow model for Bitcoin, noting that the price could hit $ 47k in August, which was true over the weekend.
Bitcoin is below $ 34K, sparked by Elon Musk’s energy FUD and China’s mining crackdown.
There is also a more fundamental reason why we see weakness in June and possibly July. My worst case scenario for 2021 (price / chain based): August> 47K, September> 43K, October> 63K, November> 98K, December> 135K pic.twitter.com/hDONOVgxH1
– PlanB (@ $ 100 trillion) June 20, 2021
Since the price was already on a downward slope, we may see BTC resisting $ 43k, but will it hold at this? According to the Plan B pricing model, BTC will not only remain at this level, but will rebound more strongly towards the $ 100k target.
This is a machine translation of our English version.
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