No one’s getting out of bed for a $48k Bitcoin!

Not shilling Ben Cowen here, but I quite like that saying. So it’s interesting to note that among other TA observations, he speculated that BTC would test the 50 week moving average of $47.4k this week and that it would be a critical line to hold before a fall to the next support levels at around $42k. We’ve now in fact tested it multiple times in the last 3 days and bounced, even though we fell slightly below today. And while we’re still not out of the woods at the time of this post (circa $48.4k), we’re holding the line. So why are these psychological barriers so important? They’re obviously there, as is evidenced by the data. Is it the case that we literally have to draw a metaphorical ‘line in the sand’ somewhere? Are we talking ourselves into a self-fulfilling prophecy to fail? We all look at the charts, so what can performance history tell us? Can it really help predict future performance? Or, is it all just ‘dubious speculation’?