There is a good chance that the Taurus cycle ends if Bitcoin is thrown at this level, warns analyst Benjamin Cowen

The widespread -scale analyst of cryptocurrency benjamin cowen says Bitcoin (Btc) The bull’s cycle would probably end if it enters a key level.

In a new video, cowen Say The 886,000 YouTube subscribers that Bitcoin could repeat a similar model from 2017, when he tested the previous year.

However, it warns that if Bitcoin drops below the level 2024 of about $ 71,000 and enters the range of $ 60,000, the Taurus cycle can be completed.

“In 2017, Bitcoin had a decrease in early 2017, where he tested the maximum 2016. And it happened, by the way, quite early. I would argue that it is very much a result to be considered for this cycle, testing 2024 high, which is in $ 70,000 smaller …

If we close, and especially if there is a wick in low $ 60,000, then there are high chances of the cycle. If it stays above the height 2024, then the party could continue easily. “

He also says that if Bitcoin maintains the range of $ 70,000, a bull cycle will probably remain intact, while something smaller can lead to a lower price model later in the year on the weekly chart.

“If he holds support over $ 70,000, $ 73,000, () the market structure is okay. If it enters $ 60,000, then I would argue that the result would be more likely a lower level in Q2, Q3, potential around, like the time period in August. ”

Bitcoin trades $ 84,059 at the time of writing, up 3.8% in the last 24 hours.

https://www.youtube.com/watch?v=puoownx8nc8

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