A prominent crypto strategist, Benjamin Cowen, who accurately predicted the January Bitcoin correction, is optimistic about BTC’s potential for further upside movement this year. With a significant following on the social media platform X, Cowen suggests that Bitcoin could experience a “counter-trend” rally in the upcoming months.
However, Cowen emphasizes the importance of monitoring a crucial price level for Bitcoin during this correction to determine the fate of its ongoing bull run. He speculates that if Bitcoin drops below $70,000 in the near future, any future rally may only result in a lower high, signaling the end of the current bull market. On the other hand, if Bitcoin maintains its value above $70,000, there is a possibility for a higher high, indicating a potential surge beyond its previous all-time high of $108,000.
As of now, Bitcoin is trading at $86,380, showcasing its resilience amidst market fluctuations. Cowen’s previous prediction about Bitcoin hitting a roadblock above $100,000 on Trump’s inauguration day was based on the correlation between Bitcoin’s price action and the performance of the Nasdaq exchange-traded fund Invesco QQQ. He anticipated that January 20th would mark the 13th month since the launch of spot Bitcoin ETFs, aligning with the ETF’s local top.
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In conclusion, Benjamin Cowen’s analysis points towards a potential rally for Bitcoin in the coming months, with key price levels serving as crucial indicators of market sentiment. As the crypto market continues to evolve, staying informed and adapting to changing dynamics can be essential for successful investment strategies.