After word of Russia’s attack on Ukraine circulated, the price of bitcoin plummeted to a critical support level. The crypto market has collapsed as a result of this downturn, but the recovery appears to be progressing smoothly.
As the majority of the coins track double-digit gains and rebound from yesterday’s massacre, the broader cryptocurrency market is trading in the green. At the time of writing Bitcoin has gained more than 9 percent $39,257.
Bitcoin to decline more?
According to a well-known crypto analyst, as fear and uncertainty grip the markets, the leading crypto asset Bitcoin (BTC) may fall even more. Benjamin Cowen, in a new strategy session, claims that Bitcoin has a tendency to retrace to its 200-day simple moving average, and that another date in that range is expected.
Whether we like it or not, Bitcoin has a history of returning to the [200-day simple moving average] every now and again. He wants people to think about it as a possibility, not a certainty, and if it is, you owe it to yourself to prepare for it.
BTC’s 200-day moving average recently crossed the $20,000 milestone. If the top crypto by market cap converges with its 200-day moving average, Cowen believes it will happen “sooner rather than later.”
If BTC reaches the 200-week moving average, he believes it will happen much sooner than May 2023.He believes it is more likely to happen in the next months rather than in the future. If it is going to go there, the expert believes it is more likely that we will go there sooner rather than later.
Calls for an impending altcoin season should also be dismissed, according to the analyst, because such a scenario would be impossible without a BTC rally.
“The reason I am saying to ignore the calls for an ‘imminent alt season’ is because Bitcoin just got rejected off the 21-week exponential moving average. How can we realistically call for alts to rally when Bitcoin cannot get back above those levels?”
Source: https://coinpedia.org/bitcoin/is-bitcoin-correction-over-or-btc-bulls-are-just-fooled/