Analyst Benjamin Cowen predicts that the coming weeks could be pivotal for Bitcoin, determining whether the cryptocurrency can sustain its upward trend.
Support Levels and Positive Scenarios
Cowen noted that if Bitcoin can hold the $90,000 level in January, it could signal a strong rally. He emphasized that after a similar support level was held in January 2023, Bitcoin saw a rapid recovery. However, if the $90,000 level starts to act as resistance, Bitcoin might experience a pullback and consolidation phase, similar to what occurred in August 2023.
Bitcoin Predictions
Currently, Bitcoin is priced at $99,496, having risen sharply following Consumer Price Index data. Reports suggesting that the new SEC administration may halt non-fraudulent cryptocurrency cases have also heightened investors’ interest in altcoins. Cowen cautioned that if Bitcoin falls below $90,000, it could consolidate at lower levels, risking its current gains. However, unless significant negative news arises, a new all-time high could be seen before the month ends.
Important Events for the Crypto Market
The analyst urges market participants to closely monitor Bitcoin’s short-term movements. The shaping of support and resistance levels will play a critical role in determining Bitcoin’s future direction. If the support level holds, an upward trend is expected, whereas a downturn might lead to a consolidation process.
Developments in the coming weeks could significantly impact the cryptocurrency market. Investors should closely observe this period to respond to market movements more consciously.
