A crypto strategist who accurately called the January Bitcoin correction believes that BTC still has room to run to the upside this year.
Analyst Benjamin Cowen tells his 987,300 followers on the social media platform X that he sees Bitcoin sparking a “counter-trend” rally in the coming months.
But Cowen highlights that he’s closely watching a key price level for BTC during this correction to determine whether its bull run is over.
“Basically a big drop in Q1 2025, a counter-trend rally by BTC/USD in Q2/Q3 where most ALT/BTC pairs bleed, and then a drop in Q4 2025, leading to a 2026 recession.
The unclear part is if there is a countertrend rally in Q2/Q3, can BTC achieve a new high?
My guess is if BTC goes <$70,000 in the coming weeks, then a future rally will resolve to a lower high.
If BTC stays >$70,000, then a future rally could still resolve to a higher high.”
A lower high would suggest that the Bitcoin bull market is over as BTC bulls fail to muster enough buying pressure to send the crypto king above its all-time high of $108,000.
Meanwhile, a higher high would indicate that BTC will surge well above $108,000, keeping the bull market intact.
At time of writing, Bitcoin is trading for $86,380.
Days before Bitcoin’s January 2025 top, Cowen predicted that BTC’s rally above $100,000 would hit a brick wall on Trump’s inauguration day. His prediction is based on the idea that Bitcoin’s price action will mirror the performance of the Nasdaq exchange-traded fund (ETF) Invesco QQQ, which hit a local top 13 months after launching.
At the time, Cowen said that January 20th would mark the 13th month since the launch of the spot Bitcoin ETFs.
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