Bitcoin’s Critical Moment: Will the Uptrend Continue?

Bitcoin’s trajectory for the coming months may hinge on how it performs around the $90,000 mark this January, according to well-known crypto analyst Benjamin Cowen.

He believes this key level will determine whether Bitcoin continues its upward momentum or slips into a consolidation phase.

Cowen suggests that Bitcoin’s ability to hold above $90,000 as support would signal strength, potentially leading to a significant rally. Drawing comparisons to January 2024, he noted that Bitcoin’s quick recovery after briefly dipping below critical support levels historically paved the way for explosive growth.

“If Bitcoin can stay above $90,000 with minimal dips, it’s likely to follow a bullish path, much like it did in early 2024,” Cowen stated.

On the other hand, repeated dips below $90,000 could mirror patterns from mid-2023 when Bitcoin struggled to regain its footing. Cowen warns that if Bitcoin drops further and fails to reclaim $90,000 as support, it might enter a period of extended consolidation before attempting another upward move. BTC’s price movements have been very volatle, but currently the top cryptocurrency is trading around the $100,000 level after an astonishing surge this week.

The next few weeks will be critical for Bitcoin. If the $90,000 level holds, it could set the stage for another strong rally. However, failure to maintain this support might signal a temporary slowdown, requiring time for consolidation before the market can build momentum again.