Bitcoin’s Bull Run at Risk? Top Analyst Highlights Key Level

Cryptocurrency expert Benjamin Cowen has shared his thoughts on the potential end of Bitcoin’s (BTC) bull run, cautioning that a key price level could signal the shift.

Cowen discussed how Bitcoin’s current movement could mirror patterns seen in 2017, particularly when the price tested the previous year’s peak.

However, he emphasized that if Bitcoin drops below $71,000 and enters the $60,000 range, the current bull cycle might be coming to an end.

Cowen explained that in 2017, Bitcoin experienced a significant drop early in the year, revisiting the high from the previous year. He suggested that this scenario could repeat, with Bitcoin testing the 2024 high of around $70,000.

READ MORE:

Bitcoin Could Reach Trillions in Market Cap, According to Strike CEO

Should the price dip into the $60,000s, especially if there’s a wick down to those levels, it would likely signal the end of the bull market.

However, if Bitcoin stays above the $70,000 mark, Cowen believes the bull cycle could continue.

He further noted that if Bitcoin holds steady above the $70,000 to $73,000 range, the market’s structure would remain intact. On the other hand, a dip into the $60,000 range could lead to a bearish trend, possibly forming a lower high around Q2 or Q3, with a potential turnaround by August.

Alexander Stefanov