Analyst Benjamin Cowen, a popular figure in the crypto world, believes Bitcoin (BTC) is at a crucial point. The next week or two will be key to determining whether Bitcoin continues its upward trend or takes a downturn.
Holding the Line at $90,000
Cowen, who boasts a massive YouTube following, points to the $90,000 price level as a major indicator. If Bitcoin can maintain support above this level, he predicts a significant price surge, referencing past market behavior. He explains that a brief dip below $90,000 in January was quickly recovered, unlike the more prolonged drop seen later in the year. Sustained trading above $90,000 over the next couple of weeks would mirror the positive January pattern.
Falling Below $90,000: A Different Story
However, if Bitcoin consistently falls below $90,000, and continues to drop further, Cowen suggests a different scenario. This would resemble a pattern seen earlier in the year, leading to a potential consolidation phase at lower prices before any further rally. Essentially, how long Bitcoin spends below $90,000 will be a strong signal of its future direction.
Current Market Conditions
At the time of writing, Bitcoin is trading at approximately $96,496, showing a 3.5% increase over the past 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered financial advice. Always do your own research before investing in cryptocurrencies./p>
