Popular cryptocurrency analyst and trader Benjamin Cowen talked about Bitcoin (BTC) price expectations as the leading cryptocurrency continues to trade below $50,000.
Cowen states in his newly published video that BTC is currently well below the bull market support band, a technical indicator consisting of a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). Bitcoin was trading at $46,700 at the time of writing.
The 20-week SMA is around $53,000 and the 21-week EMA is just below $51,000, which means Bitcoin could stay in this state for several months, according to Cowen.
Cowen doubts that Bitcoin will have a parabolic Q1 and predicts that the top crypto asset will be “range-bound for a while”.
The analyst also states that if the price of Bitcoin rises above $ 53,000, there may be a rise in the leading cryptocurrency.