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Benjamin Cowen Says Bitcoin Bulls and Bears About To Get Wrecked by ‘Death Cross’ Fakeout – Here’s His Outlook

Press Releases Crypto News DailyHodl Benjamin Cowen Says Bitcoin Bulls and Bears About To Get Wrecked by ‘Death Cross’ Fakeout – Here’s His Outlook

A widely followed crypto analyst says that Bitcoin (BTC) bulls and bears are about to get demolished by an incoming fakeout.

In a new video update, crypto strategist Benjamin Cowen tells his 787,000 YouTube subscribers that BTC bulls and bears tend to get wrecked by a fake “death cross” during Bitcoin’s pre-halving year.

Bitcoin’s halving cycle occurs every four years and cuts miners’ rewards in half. The next one is slated for April 2024, making 2023 a pre-halving year

Says Cowen,

“From pre-halving years, what normally happens, and I’ve said this many times, is that we wreck the bears and the bulls. We wreck both sides and that way, by the end of the year, we’re all sufficiently wrecked – whether you’re a bull, whether you’re a bear, it doesn’t really matter, everyone gets wrecked…

Just looking at all three prior pre-halving years, that’s what usually happens. We wreck both sides, and that is why I think that this will ultimately fade into a lower high.”

Source: Benjamin Cowen/YouTube

According to Cowen, the reason for both sides getting wrecked is because BTC will witness a death cross that will trick traders and investors. A death cross happens when an asset’s 50-day moving average dips below its 200-day moving average, a sign that the asset could be entering into a more pronounced bear phase.

“What normally happens when [an asset] goes down right before the death cross hits, is it leads to people selling because they think, ‘Oh, there’s a death cross. That’s a bad thing.’ And then they sell into the death cross.

But the reason why oftentimes that’s a bad strategy is because golden crosses and death crosses, by definition, are lagging indicators. They are based off of moving averages, and moving averages are of course lagging indicators…

When you see [a] death cross and when you see [a] golden cross, what tends to happen in the short term is the opposite of what you expect in the short term.”

The crypto strategist goes on to

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Author: Mehron Rokhy

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