Summary
- "Bitcoin (BTC) could end its bull market if it falls below the $70,000 level," according to reports.
- "Renowned cryptocurrency analyst Benjamin Cowen stated that if Bitcoin enters the $60,000 range, the bull market could end."
- "He added that if Bitcoin maintains the $70,000 level, the bullish trend is likely to continue."
An analysis suggests that Bitcoin (BTC) could end its bull market if it falls below the $70,000 level.
According to cryptocurrency media The Daily HODL on the 15th, renowned cryptocurrency analyst Benjamin Cowen stated, "Bitcoin could show a similar pattern to 2017," adding that "if Bitcoin drops below the 2024 low (around $71,000) and enters the $60,000 range, the bull market could end." He analyzed that Bitcoin is likely to test its low point again in this cycle.
The analyst added, "If Bitcoin maintains the $70,000 level, the bullish trend is likely to continue, but if it fails, we could see a pattern of lower highs throughout the year."
As of 4:30 PM today, BTC is trading at $83,872, up 2.18% from the previous day, based on the Binance USDT market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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