Bitcoin is holding firm above $84,500, with potential to rise further. Positive job numbers from the US and talk of interest rate cuts have prompted investors to shift from traditional stocks to Bitcoin. Despite struggles in big tech, Bitcoin remains steady. If BTC breaks above $84,900, a move toward $87,000 is likely. As long as buyers maintain control, the price is expected to trend upwards.
Benjamin Cowen’s Bullish Outlook for Bitcoin
Crypto analyst Benjamin Cowen believes the biggest rally of this cycle could still be ahead. He predicts Bitcoin could soar to $200,000 under ideal conditions. However, he expects the peak to come later in the cycle, with potential targets ranging from $120,000 to $150,000.
- Also Read :
- Altcoin Season Incoming? Bitcoin Dominance Drops Below Key Support
- ,
Key Support Level at $72K
A critical level for Bitcoin is the 2024 high around $72,000. Cowen emphasized that holding this support on the weekly chart is essential for a bullish trend. Although Bitcoin hasn’t tested this level yet, if it does, strong buying pressure is expected to defend it.
Market Outlook: Testing the Bulls
Currently, Bitcoin is priced at $84,483, with little movement in the last 24 hours. Cowen remains cautiously optimistic, noting that a pullback would test market strength. If Bitcoin continues to hold above key levels, the market could enter a more optimistic phase later this year. Bulls are staying strong, but the true test lies ahead.
In summary, while Cowen sees Bitcoin reaching six figures, the market needs to maintain its momentum for the bullish scenario to unfold.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
Bitcoin is currently around $84,483, showing little change in the last 24 hours, but holding above $84,500.
Bitcoin’s stability above $84K and bullish outlook suggest potential upside, but a pullback could still test market strength.
