A widely followed analyst says that Bitcoin (BTC) could break out of its slump with a massive counter-trend rally.
Crypto strategist Benjamin Cowen is keeping a close eye on Bitcoin (BTC) as it dangles above a crucial support level.
In a new video update, the widely followed analyst says that the cryptocurrency could stage a huge counter-trend rally if it drops to retest its 2024 highs.
According to Cowen, BTC has immediate support near the March 2024 highs, but may also tap a previous downward resistance line currently at around $60,000.
“I’m still thinking that there’s a good chance that Bitcoin will retest the 2024 high, and if it tests that trend line, sort of the lower high trend line, it would probably be a good short-term trade.
If it were to test that trend line all the way down, [it] would be really good short-term trade by Bitcoin. You probably get a massive counter-trend rally off of that level, but I wouldn’t necessarily be that optimistic for the remainder of the cycle if it were to in fact play out like that.”
At time of writing, Bitcoin is trading at $72,193, down 0.37% in the last 24 hours.
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