According to a widely-followed crypto analyst, Bitcoin’s (BTC) uptrend may reach a crucial point this month.
Benjamin Cowen, a crypto-strategist, tells his 858,00 YouTube subscribers in a video that Bitcoin will have exploding gains based on historical precedent if it can maintain the low range of $90,000.
This is the key to determining which trend is dominant. When we dipped below the low of our range in January last year, we only spent a couple days there. When Bitcoin fell below the range lows in 2023 it continued to slowly bleed and did not stay above them. If Bitcoin is able to stay over $90,000.000 in the coming weeks with only a few trips below that level, it will be more like [January 2024] rather than [July-August 2023 ].”
Cowen, however, says that if $90,000 starts to act as more of a resistance, Bitcoin could be repeating the same pattern it did in August 2023, when Bitcoin corrected lower, entered a phase of consolidation, and then rallied again.
If Bitcoin falls below $90,000. Then it drops to below $89,000, then below $88,000, then back to $90,000. It then pops up back to $90,000. And then, it slowly goes down. That would make me believe that Bitcoin could eventually evolve to something similar, giving back all those gains. We then have to consolidate for a longer time at the lower level, then work from there. This is how I would approach it. You could say that the outcome will depend on the length of time Bitcoin stays below the low range. ‘”
Bitcoin has risen 3.5% over the past 24 hours to $96,496.
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