A widely followed analyst says that Bitcoin (BTC) could break out of its slump with a massive counter-trend rally.
In a new video update, crypto strategist Benjamin Cowen tells his 890,000 YouTube subscribers that based on historical trends, a huge test is coming for the top crypto asset by market cap, one that could see it skyrocket after it dips to its 2024 highs near the $72,000 level.
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 a 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 $75,366, down nearly 8% in the last 24 hours.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
