Bitcoin is showing a solid trend around $84,500 and indicating potential for further increase. Investors are moving funds from traditional stocks to Bitcoin due to positive US employment indicators and discussions about interest rate cuts. Despite the poor performance of major tech stocks, Bitcoin is maintaining stability. If Bitcoin breaks through $84,900, it is expected to rise to $87,000. As long as buying pressure continues, prices are anticipated to maintain an upward trend.
Cryptocurrency analyst Benjamin Cowen forecasts that the largest bull market in this cycle is still ahead. He predicted that under ideal conditions, Bitcoin could soar to $200,000. However, he expects the peak to come in the latter part of the cycle, with a potential target range between $120,000 and $150,000.
Bitcoin's critical support level is at the 2024 high of $72,000. Cowen emphasized that maintaining this support level on the weekly chart is key to sustaining the bullish trend. Although Bitcoin has not yet tested this level, strong buying pressure is expected to defend it if it comes under test.
Currently, Bitcoin is trading at $84,483 with almost no change in the past 24 hours. Cowen maintains a cautiously optimistic stance, noting that any correction would test the market's strength. If Bitcoin continues to maintain key levels, the market could enter a more optimistic phase in the latter part of the year. While the current strength persists, the true test is still ahead.
In conclusion, Cowen anticipates Bitcoin reaching a six-digit price, but for this bullish scenario to materialize, the market must maintain its momentum.
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