Bitcoin (BTC) 
$63,036 analyst Benjamin Cowen indicated that the upcoming one to two weeks could be a crucial turning point in determining whether Bitcoin can maintain its upward trend. With significant market movements anticipated, the importance of these weeks cannot be understated.
Support Levels and Positive Scenarios
Cowen noted that Bitcoin’s ability to hold the $90,000 level as support in January could signal a strong rally for the cryptocurrency based on historical data. He emphasized that after a similar support level held for a few days in January 2023, Bitcoin showed a rapid recovery.
However, Cowen also warned that if the $90,000 level begins to act as resistance, Bitcoin might experience a pullback and consolidation phase similar to what it faced in August 2023. In this scenario, whether Bitcoin drops below $90,000 will be a significant factor in determining its future movements.
Bitcoin Predictions
Currently, Bitcoin is priced at $99,496 and has risen rapidly following Consumer Price Index data. Reports suggesting that the new SEC administration may halt non-fraudulent cryptocurrency cases have also heightened investors’ interest in altcoins.
Cowen cautioned that if Bitcoin falls below $90,000 and continues to decline, the cryptocurrency could consolidate at lower levels. This situation poses a risk of Bitcoin losing its current gains and needing to rise again from lower levels. Nevertheless, this scenario seems unlikely under current conditions, and unless significant negative news arises from Trump’s presidency, a new all-time high could even be seen before the month ends.
The analyst urged market participants to closely monitor Bitcoin’s short-term movements. The shaping of support and resistance levels will play a critical role in determining Bitcoin’s future direction.
Developments facing Bitcoin in the next week or two could have significant impacts on the cryptocurrency market. If the support level holds, an upward trend is expected, while a downturn might lead to a consolidation process. Investors should closely observe this critical period to respond to market movements more consciously.
