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Crypto analyst Benjamin Cowen evaluates Bitcoin’s current market structure and potential price movements. He emphasizes that falling below the critical threshold of $70,000 in 2024 could signal a significant shift in the market cycle. Citing past price movements, Cowen draws attention to the potential impact of such a decline on the Bitcoin 
$106,983 market, currently hovering around $84,000.
Bitcoin Price and Support Levels
Cowen notes that Bitcoin’s price movements might mirror those from 2017, where the cryptocurrency experienced sharp fluctuations after testing peak levels from 2016. He suggests a similar pattern could emerge in 2024, indicative of market volatility.
According to Cowen, maintaining the Bitcoin price above $70,000 could help sustain the current market cycle. Conversely, dropping below this level could initiate a new trend, with Cowen highlighting the $60,000-$70,000 range as a critical support area.
Potential Scenarios in the Bitcoin Market
A fall below the $70,000 mark might signal the end of the current cycle, with Cowen predicting a downward trend following such a breach. This situation could prompt investors to reassess their risks in the market.
Conversely, if Bitcoin remains above $84,000, it is perceived as a positive scenario where the cryptocurrency could test new highs and continue its existing market cycle.
Technical analyses indicate that market conditions might exhibit shifting signals, urging investors to closely monitor current price levels and market movements.
