The crypto market remains in an uptrend, but prominent analyst Benjamin Cowen has issued a stark warning. According to Cowen, if Bitcoin (BTC) falls below the critical $71,000 level, the ongoing bull market could come to an abrupt end. The Bit Journal delves into the potential implications of this crucial price threshold.
Bitcoin’s Critical Levels: Is the Bull Market in Jeopardy?
In his latest analysis, Cowen compared Bitcoin’s current trajectory to its 2017 price movement. During that cycle, BTC retested the previous all-time high before undergoing a major correction. He suggests that a similar scenario could unfold in 2025 if Bitcoin fails to hold above the key $71,000 support.
However, if BTC maintains its position above this level, the bullish trend could remain intact, potentially leading to new all-time highs in the coming months.
What Happens If Bitcoin Drops to $60,000?
Cowen warns that if Bitcoin dips below $71,000 and especially if it falls to the $60,000 range, the market could enter a bearish phase. A break below this threshold could result in lower highs, eroding investor confidence and sparking a wave of sell-offs.
To sustain bullish momentum, Bitcoin must hold the $73,000 support level. If BTC remains above this mark, the market is likely to continue its uptrend. However, if it tumbles to $60,000, a major correction could be on the horizon.
Bitcoin Price Update: Where Does BTC Stand Now?
At the time of writing, Bitcoin is trading at $84,315, marking a 4.91% gain over the past 24 hours. Despite the recent rally, Cowen advises investors to remain cautious. If large holders, or “whales,” start selling, the market could experience significant volatility.
What’s Next for Bitcoin?
As long as Bitcoin stays above $71,000, the bull market can continue. However, if BTC drops to $60,000, it may trigger a wave of panic selling and substantial losses for investors.
For now, the most crucial price level to watch is $71,000. Losing this support could signal the end of the bull run, while holding above $73,000 would suggest further upside potential.
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