BTC Slips Below $83,000: Contrasting Views from Cowen and Doctor Profit

Stock News
Sep 28

According to Woofun AI, the BTC price is hovering near $83,000, and market attention has quickly shifted to the divergence of opinions between Benjamin Cowen and Doctor Profit.

Although the weekly chart pattern shows higher highs, bulls and bears hold completely different views on the subsequent trend, with the core dispute centering on the validity of technical support and the depth of a short-term pullback.

This divergence not only reflects the current market's hesitant sentiment but also reveals fundamental differences in trading strategies across different time dimensions.

Benjamin Cowen believes that as BTC reclaims the 50-week moving average, the burden of proof has officially shifted to the bears.

He reviewed historical data and pointed out that in 2019, after BTC broke above this moving average, it rose 40% within two weeks, while in a similar situation in 2023, the gain was 24%.

Cowen emphasized in his September 28 podcast that if the price can hold firmly above the $82,800 level set in May, the bullish setup will be reinforced; conversely, if it quickly falls back and touches the moving average, the risk increases significantly.

Notably, the fourth quarter of U.S. midterm election years tends to be weak, adding uncertainty to the market.

Data compiled by Woofun AI shows that BTC is currently only about 10% above the 50-week moving average, and this narrow margin of safety means that any minor disturbance could trigger violent fluctuations.

Cowen therefore needs to reassess this view, and market focus shifts to potential pullback pressure in the $79,000 range.

In sharp contrast, although Doctor Profit remains bullish in the long term, given that BTC has approached his target of $88,000, he predicts that a short-term retracement is inevitable.

His bearish logic is mainly based on liquidity analysis, noting that a significant liquidity zone exists near $62,000, but this is not the primary target at present.

The more critical variable is the test point at $79,000; if this level is breached, it could trigger a more severe decline.

Doctor Profit stated that if the 50-week moving average can provide support, he can close his sell orders and wait for Bitcoin to launch another upward move.

The 50-week moving average will become the key watershed determining the market direction.

If this moving average effectively supports the price, Doctor Profit plans to close his sell orders and rebuild long positions; conversely, if the support fails, the market may face a deeper correction.

Investors need to closely monitor volume changes in the $79,000 to $82,800 range to judge the true balance of bullish and bearish forces.

This is a moment when the market once again faces a directional choice after multiple recent swings, and any breakout or breakdown will be of landmark significance.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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