CandleFocus Analyst Says One Factor Could Be a Headwind for Bitcoin, Outlines ‘Line in the Sand’ BTC Must Overcome
2025-01-16
Author: Content Editor
Cryptocurrency analyst Benjamin Cowen warns that Bitcoin could experience a bearish impact if the yield on the US Treasury 10-year continues to rise. He compares the potential price action of Bitcoin to what occurred in the second half of 2023, where the cryptocurrency dropped below $30,000 and remained subdued for weeks. Cowen suggests that Bitcoin could drop by up to 28% from its current level, potentially reaching around $70,000, if it follows the same blueprint as 2023. The analyst believes that Bitcoin's price action around the $100,000 level will determine its short-term trajectory. At the time of writing, Bitcoin is trading at $96,900.
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