#BitcoinVolatility Cryptocurrency analyst Benjamin Cowen, who is closely followed in the crypto world, assessed whether Bitcoin could reach its 200-day moving average level.

Referencing Bitcoin’s historical cycles, Cowen sent signals that the current uptrend in the market may not be sustainable.

Cowen stated that Bitcoin is very close to its current 200-day moving average, and that this level has always served as a very strong resistance point in past bear markets (2014, 2018, and 2022). According to the analyst, even if price breaks above this level, it typically provides a “short-lived” rally.

Comparing Bitcoin’s current price action with those of previous years, Cowen drew particular attention to the scenario in 2018. The analyst recalled that after the dip seen in February 2018, a higher dip formed in April, and a rally toward the 200-day moving average took place in May, adding that today’s price action shows a striking similarity to that period.

Despite the optimistic sentiment in the market, Cowen kept a cautious stance, saying, “Unfortunately, I’m still wearing my bear goggles,” and stated that he expects the price could show weakness again later in the year and that a downward breakdown could occur.

The analyst added that in 2014 and 2019, the price briefly rose above the 200-day moving average, but these rallies ended without producing a new peak. According to Cowen, uncertainty in the market may persist until macroeconomic factors and employment-market data become clearer.

Cowen says the 200-day moving average is a “decision point” for Bitcoin investors. If history repeats itself, it is likely that this level will act as strong resistance and that the price will test lower levels for the rest of the year.
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