Summary
- Benjamin Cowen predicted that Bitcoin (BTC) could form a cycle peak in the fourth quarter of this year.
- Cowen explained that Bitcoin has shown a repeated pattern of correcting to the 20-week Simple Moving Average (SMA) at the end of Q3 in the year following the halving, then reaching a peak the next quarter.
- He noted that if the 20-week SMA forms near $110,000 this cycle, a conservative rise to $153,000 is possible.
On the 13th (local time), according to the cryptocurrency-specialized media outlet The Daily Hodl, Benjamin Cowen, founder of Into The Cryptoverse, predicted that considering past cycle patterns, Bitcoin (BTC) may form its cycle peak in the fourth quarter of this year.
Cowen explained, "Bitcoin has tended to correct down to the 20-week Simple Moving Average (SMA) at the end of Q3 (September) in the year following the halving, and then set a peak in the next quarter. This pattern has been repeated." He added, "If in this cycle the 20-week SMA is formed near $110,000, a conservative rise up to $153,000 is possible."
As of 05:39 on the 14th, Bitcoin is trading at $122,757.88 on the Binance Tether (USDT) market, up 2.16% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
