tells<\/a> his 787,000 YouTube subscribers that after the death cross formed earlier this week, the flagship crypto asset could still witness \u201coccasional rallies.\u201d<\/p>\nA death cross occurs when the 50-day moving average crosses below the 200-day moving average.<\/p>\n
The widely followed crypto analyst says that Bitcoin\u2019s bounce earlier this week of about 7% from a three-month low of around $24,917 to $26,575 is one such rally.<\/p>\n
\u201cThe sort of the typical death cross rally has materialized and from here I guess we\u2019ll just see what sort of what sort of move it has in store. And it could be any number of things\u2026\u201d<\/i><\/p>\n
Bitcoin is trading at $26,134 at time of writing.<\/p>\n
Cowen says that there are three scenarios that could play out after the \u201cdeath cross rally\u201d and this includes Bitcoin continuing to go up by up to 12% from the current level.<\/p>\n
\u201cYou could make the case that it [Bitcoin] sort of just fades around these levels [around $26,700] and then goes back down [to below $24,500].<\/i><\/p>\n
Perhaps it goes up to that 50-day moving average near where this move was back over here [above $27,500]\u2026 that would be closer to $27,600, $27,700, before moving down.<\/i><\/p>\n
Or, this would sort of be the more optimistic scenario \u2013 go all the way back up to just below this break breakdown point [around $29,200] and then fade back down.<\/i><\/p>\n
So all three of those scenarios, I think, are possibilities.\u201d<\/i><\/p>\n<\/p>\n