2019 Bear Market returns to Hunt Bitcoin, according to Benjamin Queen – here is what it means
The famous encryption analyst warns that Bitcoin (BTC) may repeat a 2019 descending pattern for one main reason.
In a new video clip on YouTube, Benjamin Quinn Recount Its 887,000 subscribers indicate that the historical relationship between Bitcoin and the monetary policy in the Federal Reserve indicates that the main encryption assets may struggle to restore the Taurus Market Support Square, as it did in 2019.
The bull market support is formed through the simple moving average for 20 weeks (SMA) and the SIA moving average for 21 weeks (EMA).
“I think the reason behind the return of the comparison for 2019 to chase Bitcoin is somewhat repeatedly due to the federal reserve. Remember, during 2019, there is also this constant tightening, which we also saw in this session …
These moves here below the bull market support tape [in September-December of 2019] The central monetary policy in the Federal Reserve has mainly happened with the economy weakened a little. Recently, we have seen Atlanta Federal Reserve come out and a kind of predictions of the passive gross domestic product in the first quarter. We’ll see whether this is the case or not. But you link you to inflation, inflation concerns, tariff fears, etc., and you get these declines under the bull market support. “
However, Queen says Bitcoin may regain the bull market support if the S&P 500 recovered after the sales of huge stocks last week.
“Now, again, we talked about how it is possible that the S&P may find the weakness between February OPEC (options ending) and Opex March.
If you are trying to find out when Bitcoin can get a backup march to the bull market support, this will depend on the higher the S&P 500 locally. Do you continue to show weakness until the end of March or early April? Or does it find this force sooner? I think this is in the end what the Bitcoin time takes to decrease this height. “
Bitcoin is trading for $ 83,967 at the time of writing this report, an increase of 1.9 % in the past 24 hours.
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