Benjamin Cowen shared his latest outlook on Bitcoin, focusing on whether it can hold its ground as the bull market support test begins.
Key Points:
-
Bitcoin is now sitting right at its bull market support band. This level has been important in past cycles (2017, 2020, 2021).
-
History often shows a high in August and a low in September before the next rally. That pattern seems to be repeating.
-
If Bitcoin can hold support here through September, it sets up a strong chance for a rally in Q4, when previous cycle tops have happened (2013, 2017, 2021).
-
If it falls below support, it could delay the rally by a month or more, but it doesn’t mean the cycle is over. It just requires more time for recovery.
-
Cowen sees Bitcoin as the safer play compared to altcoins right now. If Bitcoin dips, altcoins are likely to drop harder. If Bitcoin rallies, it should lead the way.
Bottom line:
The market is at a key decision point. If Bitcoin holds support in September, we could see a big push into new highs later this year.
