A widely followed analyst says that Bitcoin (BTC) could break out of its slump with a massive counter-trend rally.
In a new video update, crypto strategist Benjamin Cowen tells his 890,000 YouTube subscribers that based on historical trends, a huge test is coming for the top crypto asset by market cap, one that could see it skyrocket after it dips to its 2024 highs near the $72,000 level.
According to Cowen, BTC has immediate support near the March 2024 highs, but may also tap a previous downward resistance line currently at around $60,000.
“I’m still thinking that there’s a good chance that Bitcoin will retest the 2024 high, and if it tests that trend line, sort of the lower high trend line, it would probably be a good short-term trade.
If it were to test that trend line all the way down, [it] would be a really good short-term trade by Bitcoin. You probably get a massive counter-trend rally off of that level, but I wouldn’t necessarily be that optimistic for the remainder of the cycle if it were to in fact play out like that.”
Source: Benjamin Cowen/YouTube
At time of writing, Bitcoin is trading at $75,366, down nearly 8% in the last 24 hours.
Generated Image: Midjourney
