Crypto Money Analyst Benjamin Cowen, Bitcoin $83,921.55evaluated the current market structure and potential price movements. Cowen said there may be significant change in the market cycle if it fell below the $ 70,000, a critical threshold for Bitcoin in 2024. The analyst, who exemplified the price movements in the past years, drew attention to the effects of a possible decline on the Bitcoin market. The price of Bitcoin, which is currently at the level of $ 84,000, can pass through a critical threshold compared to the analyst.
Bitcoin price and support levels
Benjamin Cowen said Bitcoin may be similar to the price movements in 2017. In 2017, Bitcoin showed harsh fluctuations after testing the summit levels in 2016. Analyst says that a similar movement could take place in 2024.
Cowen says that the price of Bitcoin is over $ 70,000 can maintain the current cycle of the market. However, if this level goes down, he argues that a new trend can start in the market. The analyst points out that the range of $ 60,000-70,000 is a critical support area.
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Macroeconomic factors may also affect price movements. Cowen says a wider market drop in the second and third quarters of 2024. Investors are recommended to carefully monitor these price levels.
Possible scenarios in the Bitcoin market
The fact that the Bitcoin price is below $ 70,000 may be a signal that the cycle ends. Cowen predicts that with the breakage of this level, the price will follow a adopted trend. This may cause investors to reconsider their risks.
Bitcoin is considered to be a positive scenario. In this scenario, Bitcoin can test new peaks and the current market cycle can continue.
Technical analysis shows that market conditions can give signals of change. For this reason, investors are recommended to follow the current price levels and market movements carefully.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
