The important crypto analyst Benjamin Cowen is addressing three indicators that are supporting the bull case for Bitcoin. Check them out below.
3 indicators that support the bull case for Bitcoin
It’s been revealed by the online publication the Daily Hodl that in a new strategy session, Cowen said that Bitcoin is trading in its “lower logarithmic regression band,” which he says is a “point for the bulls.”
As the online publication mentioned above notes, the band hasn’t been breached in a decade except for a very brief period during the Covid-19-induced sell-off in March 2020.
Cowen also made sure to explain the fact that when Bitcoin trades below the 50-week moving average, “it’s usually only a matter of time” before BTC plunges below the 100-week moving average and then the 200-week moving average.
It’s extremely important to note the fact that Bitcoin recently did just that.
The king coin dropped all the way below the 200-week moving average, which usually indicates the top crypto asset has reached its market cycle bottom.
“If you just throw out all the noise out there in terms of the macro stuff and just say, ‘Look X, Y, and then Z. It’s happened not once, not twice, not three times, but now it’s happened four times. That’s a point for the bulls.”
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $23.034.
Bitcoin on Coinbase
According to the latest reports, the popular on-chain analyst Will Clemente says Bitcoin (BTC) buy orders on crypto exchange Coinbase are reminiscent of BTC’s bottom in March 2020.
Clemente said not too long ago that BTC bulls on Coinbase have placed thick buy orders from $17,000 and below.
According to the on-chain analyst, the eagerness of market participants to catch BTC at lower prices bodes well for Bitcoin.