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.
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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.
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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.
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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.
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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
