A broadly adopted analyst says that Bitcoin (BTC) might get away of its stoop with a large counter-trend rally.
In a brand new video replace, crypto strategist Benjamin Cowen tells his 890,000 YouTube subscribers that primarily based on historic tendencies, an enormous take a look at is coming for the highest crypto asset by market cap, one that might see it skyrocket after it dips to its 2024 highs close to the $72,000 degree.
In keeping with Cowen, BTC has speedy assist close to the March 2024 highs, however may additionally faucet a earlier downward resistance line at the moment at round $60,000.
“I’m nonetheless considering that there’s a superb probability that Bitcoin will retest the 2024 excessive, and if it assessments that development line, type of the decrease excessive development line, it might in all probability be a superb short-term commerce.
If it had been to check that development line all the way in which down, [it] can be a very good short-term commerce by Bitcoin. You in all probability get a large counter-trend rally off of that degree, however I wouldn’t essentially be that optimistic for the rest of the cycle if it had been to in truth play out like that.”
At time of writing, Bitcoin is buying and selling at $75,366, down practically 8% within the final 24 hours.
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