Bitcoin’s Potential Turning Point: Analyst Benjamin Cowen Highlights Crucial Level to Monitor
Amidst rising interest in Bitcoin among investors and analysts, noted cryptocurrency expert Benjamin Cowen has issued a word of caution concerning the future trajectory of the digital asset. During a recent video discussion with his 886,000 YouTube followers, Cowen suggested that Bitcoin’s price movement could echo a critical pattern observed during the 2017 bull run.
Cowen has pointed out that a drop below the 2024 low of around $71,000, leading Bitcoin into the $60,000 territory, might signal an end to the ongoing bullish market cycle. He explained, “In 2017, Bitcoin saw a significant decline early in the year while testing the previous year’s high. This scenario is worth considering for the current cycle as we approach the 2024 high in the lower $70,000s.” He stressed the significance of price stability, noting, “If we witness closures, especially with prices dipping into the low $60,000s, there’s a substantial risk of the bull cycle concluding. Conversely, staying above the 2024 high could sustain the upward momentum.”
Bitcoin is presently trading at $84,059, displaying a 3.8% increase in the last 24 hours. Despite this, Cowen cautioned that failing to uphold levels above $70,000 could lead to a bearish trend featuring lower highs later in the year. He stated, “Maintaining support above $70,000 or $73,000 keeps everything stable. However, a drop into the $60,000s might signal a macro lower high forming in Q2 or Q3, likely around August.”
Cowen’s analysis not only sheds light on significant resistance and support levels for Bitcoin but also emphasizes the broader market forces that could impact the cryptocurrency’s performance. Given Bitcoin’s price volatility, the critical nature of these price points cannot be overstated, particularly for investors navigating this famously unpredictable market.
In sum, Benjamin Cowen’s insights underscore the importance of closely monitoring Bitcoin’s price trends. The key levels he has highlighted may prove crucial in determining the trajectory of Bitcoin’s bullish cycle. Maintaining levels above $70,000 is seen as pivotal for sustaining optimism; however, a descent into the $60,000 range could signify a challenging downturn. Investors are advised to conduct thorough research and exercise caution due to the inherent risks associated with cryptocurrency investments.
