In a recent video update crypto analyst Benjamin Cowen highlighted a key historical trend that suggests Bitcoin could skyrocket after dipping to its 2024 highs near the $72,000 level.
Cowen points to immediate support near the March 2024 highs but suggests that Bitcoin may also tap a previous downward resistance line, which is currently hovering around the $60,000 range.
Key Levels to Watch for Bitcoin
Cowen explains that if Bitcoin retests the trend line at approximately $60,000, it could be a highly favorable short-term trade opportunity. “If it were to test that trend line all the way down, it would probably set the stage for a massive counter-trend rally,” Cowen noted. While he acknowledges the potential for significant short-term gains, he cautioned that this could just be a temporary rally, and Bitcoin’s long-term trajectory may still be uncertain.
Bitcoin’s ability to bounce back from this support could trigger a surge in its price, signaling a return to bullish momentum after the slump. However, Cowen advises caution, emphasizing that the optimism might not last through the entire cycle if this scenario plays out.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitcoin-could-see-massive-counter-trend-rally-analyst-predicts/
