The next week or two could be crucial for Bitcoin (BTC), according to analyst Benjamin Cowen – here’s why
Bitcoin (BTC) may be at a critical juncture this month that could determine whether its uptrend will continue, says a widely followed cryptocurrency analyst.
In a new video update, cryptocurrency strategist Benjamin Quinn He tells His 858,000 YouTube subscribers said that if Bitcoin can hold the low $90,000 range in January as support, the major crypto asset will likely see a massive rally based on historical precedence.
“That’s what you’re looking for to try to figure out which ones [trend] It is prevalent. Last January, when we got below the low range, we were only there a few days. In 2023, when Bitcoin dropped below these lows of the range here, it was still slowly bleeding out and not staying above them. So, if Bitcoin can stay above $90,000 for the next week or two with very few trips below $90,000, this is more reminiscent of… [January 2024] Than it is here [in July-August 2023]”.
However, Cowen says that if $90,000 starts to act as resistance, Bitcoin could repeat a similar pattern from August 2023 when it corrected lower and entered a consolidation phase before rising again.
“But if Bitcoin falls below $90,000, then falls below $89,000, then $88,000, then rises back to $90,000, then rises to $87,000 and $86,000, it’s similar to what happened here.” And then it decreases.” Below the low range and then it slowly goes down, and that would lead me to believe even more that it could develop into something like this, where it eventually gives back those gains, and then we have to consolidate at a lower level for a longer period, and then try Work from this level. “So, I think that’s the way you can do it with somewhat of a plan to say, ‘Okay, it’s going to depend on how long Bitcoin is going to spend below the low range.’”
Bitcoin is trading for $96,496 at the time of writing, up 3.5% in the past 24 hours.
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