There’s a Good Chance the Bull Cycle’s Over if Bitcoin Plunges to This Level, Warns Analyst Benjamin Cowen
The widely followed cryptocurrency analyst Benjamin Cowen says Bitcoin’s (BTC) bull cycle would likely be over if it enters one key level.
In a new video, Cowen tells his 886,000 YouTube subscribers that Bitcoin may be repeating a similar pattern from 2017, when it tested the prior year high.
However, he warns that if Bitcoin drops below the 2024 low of about $71,000 and enters the $60,000 range, the bull cycle may be over.
“In 2017 Bitcoin had a drop in early 2017 where it tested the 2016 high. And it happened, by the way, fairly early on. I would argue that’s very much an outcome to consider for this cycle, testing the 2024 high, which is in the lower $70,000s…
If we get closes, and especially if there’s a wick in the low $60,000s, then there’s a good chance the cycle is over. If it stays above the 2024 high, then the party could easily go on.”
Source: Benjamin Cowen/YouTube
He also says that if Bitcoin maintains the $70,000 range, a bull cycle will probably remain intact, whereas anything lower may result in a bearish price pattern of lower highs later in the year on the weekly chart.
“If it holds support above $70,000, $73,000, [the] structure of the market is fine. If it goes into the $60,000s, then I would argue that the more likely outcome would be a macro lower high in Q2, Q3, potentially around like the August timeframe.”
Bitcoin is trading for $84,059 at time of writing, up 3.8% in the last 24 hours.
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