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  • solanaSolana (SOL) $ 222.02
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  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 101,602.00
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  • starknetStarknet (STRK) $ 0.628723
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 101,669.00
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  • coredaoorgCore (CORE) $ 1.40
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  • neoNEO (NEO) $ 17.92
  • binance-staked-solBinance Staked SOL (BNSOL) $ 226.28
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  • msolMarinade Staked SOL (MSOL) $ 276.39
  • axie-infinityAxie Infinity (AXS) $ 7.66
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  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 3,879.11
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  • havvenSynthetix Network (SNX) $ 3.06
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  • telcoinTelcoin (TEL) $ 0.007158

Bitcoin History Suggesting Significant Price Move Incoming, According to Benjamin Cowen – Here’s His Outlook

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Crypto analyst Benjamin Cowen says that Bitcoin (BTC) has a good chance of printing a significant correction soon based on historical price action.

In a new strategy session, Cowen tells his 788,000 YouTube subscribers that he’s keeping an eye on Bitcoin’s 100-week simple moving average (SMA).

According to Cowen, each time Bitcoin has crossed above its 100-week SMA, BTC tends to go back down to retest it before continuing upward. Since BTC crossed above the 100-week SMA several months ago, Cowen says that there’s a risk to the downside if history is any indication.

The analyst also says that the actions of the Federal Reserve might determine whether Bitcoin will hold the 100-week SMA as support.

“Historically, sometime around this point in the cycle – and actually it’s occurred even later in the cycle as well – we’ve sort of retested that 100-week moving average.

It’s just something that we sort of acknowledge that does seem to be something that comes in at a phase in the cycle. In 2016, we didn’t have a hard landing. I guess you could argue that it was a soft landing. We didn’t even have a recession back then but we did have a recession scare where a lot of people thought there was going to be a recession.

We didn’t really have an inverted yield curve or anything like that but there were other parts of the world where their economies were slowing down and I think there were some arguments that it could happen in the United States. [But] it didn’t, and Bitcoin basically retested that 100-week SMA and continued to move higher. Whereas last cycle, we retested it, got a bounce, but then ultimately fell through.

So I do think that at some point, probably within the first few months of 2024, we’ll see some type of back test of that 100-week moving average, and then the question of whether it holds or not will probably be dependent on whether the Fed achieves a soft landing or, if it’s a hard landing like the last cycle.”

Bitcoin History Suggesting Significant Price Move Incoming, According to Benjamin Cowen – Here’s His Outlook

Source: Benjamin Cowen/YouTube

At time of writing, Bitcoin is trading at $42,297, about 36% above its 100-week SMA.

Generated Image: Midjourney

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