Bitcoin (CRYPTO: BTC) is approaching its closely-watched 200-day moving average, a level that has historically acted as major resistance during prior bear markets.

Historically Similar Pattern

In a podcast on May 11, crypto analyst Benjamin Cowen compared the current setup to both the 2018 and 2019 cycles.

In 2018, Bitcoin formed a February low, a higher low in April, then rallied into the 200-day moving average before rolling over later in the year.

The current structure looks strikingly similar, with Bitcoin bottoming near $60,000 before forming a higher low around $64,000-$65,000.

The key debate now is whether Bitcoin follows the 2018 path, where the rally failed, or the 2019 scenario,…

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