Bitcoin Could See Massive Counter-Trend Rally, Analyst Predicts

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Bitcoin

Bitcoin Could See Massive Counter-Trend Rally, Analyst Predicts

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.

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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/



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