New Bitcoin Prediction Is Out: BTC Could Reach These Levels Due To One Trigger

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.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.