Major opinion leader and YouTuber Benjamin Cowen uploaded the video on March 14th. It proposed that the assets could end the Bitcoin Bull cycle at $71,000, with assets exceeding the key key price level.
Cowen warned that a loss in the $60,000 range means Bitcoin is below the 2024 low below its 2024 low.
“If you have a wick at $60,000 low, there’s a good chance that the cycle will end. If you’re past the 2024 high, the party can easily go.”
He thinks it’s very similar to 2017, when he tested the previous year’s highs. However, if Bitcoin maintains support from $70,000 to $73,000, Cowen believes the bull circulation structure remains intact.
According to Cowen, Bitcoin’s performance before March Options Expiration (OPEX) could have a bearish undertone due to its macroeconomic impact.
Although inflation has only just dropped to 2.81%, Cowen has been maintaining her hairstyle since mid-2020, as the Fed’s rate thrashing series, which began last September, produces 1970s-style inflation bounce.
He explained, “There will be no durable bounces from risk assets until at least the Opex in March. If the market just waits for more macro data to come in, and it means labor market data and inflation data, it could take some time from mid-April to mid-April,” Cowen explained.
Cowen shared that there are two schools of thoughts about whether tariffs are bullish for the market. As a result, uncertainty is ramping. He hints at Trump’s tariffs, “Now there’s a lot of uncertainty that’s been introduced into the market recently because of all tariffs and more.”
Despite macro uncertainty such as inflation trends, Federal Reserve policies and tariffs that continue to drive market sentiment, he warns that falling into the $60,000 region could mean a bearish change in Bitcoin later in the year.