Bitcoin Bull Cycle at Risk if Price Drops Below $70,000

Cryptocurrency analyst Benjamin Cowen has cautioned that Bitcoin's (BTC) bull cycle may be coming to an end if the cryptocurrency drops to a specific level. In a recent video, Cowen, who has a significant following on YouTube, discussed potential patterns that Bitcoin might follow, drawing comparisons to its behavior in 2017.

Cowen pointed out that in 2017, Bitcoin experienced a notable drop early in the year, testing the highs of the previous year. He suggested that a similar pattern could occur in the current cycle, with Bitcoin potentially testing the 2024 high, which is in the lower $70,000 range. If Bitcoin were to fall below this level and enter the $60,000 range, Cowen believes there is a strong likelihood that the bull cycle would be over. He emphasized that if Bitcoin manages to stay above the 2024 high, the bullish trend could continue.

Cowen's analysis also underscored the importance of Bitcoin maintaining support above $70,000. He stated that if Bitcoin holds above this level, the market structure would remain intact. However, if it falls into the $60,000 range, the more likely outcome would be a bearish price pattern characterized by lower highs later in the year, potentially around the August timeframe.

Cowen's insights offer a cautious outlook for Bitcoin investors, suggesting that while the cryptocurrency is currently trading at $84,059, a significant drop could signal the end of the bull cycle. His analysis highlights the volatility and unpredictability of the cryptocurrency market, where even small price movements can have substantial implications for the overall trend.