Despite the market volatility, the optimistic and bullish Bitcoin predictions continue.
The latest one comes from crypto analyst and trader Benjamin Cowen who just addressed what a relief rally could look like for Bitcoin.
New Bitcoin prediction is out
He recently said that if Bitcoin rallies in the coming period, it could bounce off the 50-week simple moving average (SMA).
He has been looking at historical price actions and said that a bounce from the current level, which is just below $32,000, could allow Bitcoin to rise by 34% to 62%.
“Where could a bounce come? The 50-week [simple] moving average – we’ve had a bounce off the 50-week SMA many times in the past… If you go back to 2014, we had a bounce off the 50-week SMA. From the 50-week SMA, we went up about 62% or so,” he said as quoted by the online publication the Daily Hodl.
He continued and said: “In 2018, we had a bounce off of it. That year, we went up around 45%. In 2019, also sort of had a bounce. It flirted with that line for a couple of months, and then when we moved back up, we went up about 34%.”
He looked at BTC’s historical moves and continued to explain that “If we do get a bounce off the 50-week [SMA], we can at least see prior moves did not have us putting in new all-time highs immediately.”
He said that “If we were to go up, say approximately [based on] the prior moves … a 34% move would take us back up to maybe $44,000. A 45% move would take us up to around $46,000… And a 62% move would take us up to around $52,000 or $53,000.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $30,812.75.
Stay tuned for more news, and make sure to keep your eyes peeled on the market.