Bitcoin’s Bull Cycle at Risk

The widely followed cryptocurrency analyst Benjamin Cowen warns that Bitcoin’s (BTC) bull cycle may be nearing its end if it crosses a crucial threshold.

In a recent video shared with his 886,000 YouTube subscribers, Cowen discusses a potentially repeating pattern reminiscent of 2017, in which Bitcoin tested its previous year’s high.

He cautions that should Bitcoin fall below the 2024 low of approximately $71,000 and enter the $60,000 range, the bull cycle could conclude.

> “In 2017, Bitcoin had a drop early in the year when it tested the 2016 high. I believe this could happen again, as it tests the 2024 high in the low $70,000s… If we see closes, especially with a wick in the low $60,000s, the cycle is likely over. However, if it remains above the 2024 high, the growth can continue.”

Cowen’s analysis indicates that maintaining the $70,000 range would keep the bull cycle alive. Conversely, any decline may signal a bearish trend with lower highs in the weekly chart later this year.

> “If it holds support above $70,000 and $73,000, the market structure remains fine. But if it dips into the $60,000s, the likely outcome would be a macro lower high in Q2 or Q3, potentially around August.”

As of now, Bitcoin is priced at $84,059, reflecting a 3.8% increase in the past 24 hours.

Follow us on X, Facebook, and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox.
Check Price Action.

Generated Image: Midjourney