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.”
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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