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Benjamin Cowen, a prominent figure in cryptocurrency analysis, suggests that Bitcoin 
$84,487 may soon break its current downtrend and exhibit a significant counter-trend movement in the short term. In a recent video update, Cowen utilized historical data and technical analyses to indicate that Bitcoin could potentially move upwards following a test near 2024 peak levels. This assessment has led to a shift in expectations among market participants.
When Will Bitcoin Rise?
Cowen outlined that Bitcoin has found strong support close to the peak levels anticipated in March 2024. However, he pointed out that Bitcoin may also be approaching an old resistance line, currently situated around the $60,000 mark, which could impact market dynamics in both upward and downward scenarios.
In his video, Cowen emphasized the likelihood of Bitcoin approaching 2024’s high levels again, suggesting that a significant upward correction could occur soon after this test. He supported his claims with technical analysis data that predict short-term trading opportunities for market participants.
Benjamin Cowen: “The likelihood of Bitcoin retesting its 2024 peak is high. Testing this trend line could present a suitable trading opportunity in the short term. However, if the line is completely tested, a short-term correction may be expected, making it hard to remain optimistic in later stages of the cycle.”
Bitcoin Price Analysis
Additionally, Cowen highlighted the possibility of Bitcoin rebounding from certain levels based on past trends. This situation suggests that while assessing short-term price movements, long-term market dynamics also require attention. At the time of writing, Bitcoin was trading at approximately $79,200.
The fact that the $77,000 level has not been permanently lost in the short term provides hope for cryptocurrency traders looking for recovery. Recent developments regarding tariff negotiations have brought forth much information. However, if retaliatory measures against China escalate into a vicious cycle, it could lead to deeper downturns in the medium term.
The analysis outcomes offer tangible data for traders, aiding in the formation of expectations regarding future price movements. Technical support and resistance levels are deemed critical in determining the market’s direction.
