Bull and Bear Brawl: Bitcoin Analyst Weighs In on Market Direction
Benjamin Cowen, an experienced analyst in the cryptocurrency world, has released a detailed analysis of Bitcoin's ($BTC) bull and bear scenarios. According to Cowen, the current picture shows strong signals supporting both bulls and bears.
The analyst pointed out that technical indicators such as the weekly Relative Strength Index (RSI) falling to its historical lows, the significant cooling on the monthly RSI side, and the recent Golden Cross strengthen the bullish outlook. Furthermore, long-term investors' accumulation levels are hovering near historical cycle lows, which is a potential indicator of a bottom formation.
However, Cowen also highlighted that critical on-chain metrics such as Puell Multiple, MVRV Z-Score, and Market Cap/Thermocap ratio have not yet fallen to the extremely low levels seen in past bear market lows. Additionally, Bitcoin has not yet dropped below its price reached in this cycle, and whale activity remains weaker compared to past lows.
Cowen emphasized that the 50-week moving average will play a key role in determining the market's future direction. A weekly close above $80,000 would solidify the bullish scenario, but a rejection at this level could lead to a search for a new low in the last quarter of the year (October or November).