A widely followed analyst believes Bitcoin (BTC) will remain in a bull cycle if the flagship crypto asset holds one key level as support.
In a new video update, crypto strategist Benjamin Cowen tells his 892,000 YouTube subscribers that if Bitcoin falls below $69,000, a bear market phase may ensue.
[adinserter block="1"]“In the short term for Bitcoin, the good news is that we’ve maintained above the 2024 high; we maintained above that. And that’s a good thing. And I still think that Bitcoin could go all the way down to $69,000 and the structure of the market stay intact.
But below that, I would not be as optimistic. Okay, I wouldn’t be. This is the zone [between $73,617 and $69,048] where you really would want to see the bulls come to the table and hold support because if they don’t, and if it comes down here [below $69,000], that’s probably it.”
Bitcoin is trading for $79,752 at time of writing, down 4.3% in the last 24 hours.
Cowen also believes that either US President Donald Trump or the Fed will take action in the coming months to counter drastic downward moves in the stock market as Trump keeps his tariff war going.
“I think there are levels in the market where the powers that be will try to step in and try and encourage market participants to take on risk and to get more exposure. And I think there is a chance here that we just figured out where that is for the President, and it’s a 20% drawdown in the S&P or potentially the 10-year yield skyrocketing. Now, we don’t yet know… where the Fed will then come to the rescue. We don’t know that yet….
So it’s one of those things where, if the President steps in and reduces some of the uncertainty, then the Fed might not have to do anything, but if he continues on with it, then we’ll figure out where the Fed put is. If we get out into July and all this tariff stuff just comes right back, then we might figure out where the Fed will actually start to try to intervene. But I thought that this was the level that the President decided it was time to try to intervene and figure something else out.”
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