Bitcoin (CRYPTO: BTC) is back below $80,000 and testing a critical zone near its 50-week moving average ahead of Kevin Warsh’s Jackson Hole speech at 10 a.m. ET today.
Crypto analyst Benjamin Cowen said on Thursday that the next one to two weeks could determine whether the rally is a true breakout or another bear market fakeout.
The setup reminds him of prior midterm-year rallies, especially 2018, when Bitcoin bounced hard, hit the 50-week moving average, then rolled over into a deeper fourth-quarter low.
#Bitcoin❗
Crypto analyst Benjamin Cowen said on Thursday that the next one to two weeks could determine whether the rally is a true breakout or another bear market fakeout.
The setup reminds him of prior midterm-year rallies, especially 2018, when Bitcoin bounced hard, hit the 50-week moving average, then rolled over into a deeper fourth-quarter low.
#Bitcoin❗