Bitcoin is holding strong above $84,500, showing resilience as market sentiment shifts. Strong U.S. job data and growing expectations of interest rate cuts are pushing investors to move away from traditional stocks and toward Bitcoin. Even as big tech stocks struggle, Bitcoin continues to show strength.
Bitcoin’s short-term outlook looks promising. If the price manages to break above $84,900, analysts say the next key target could be $87,000. So far, buyers are in control, and as long as that holds, the uptrend is expected to continue.
Popular crypto analyst Benjamin Cowen believes that Bitcoin’s biggest move this cycle may still be in the cards. In a bullish scenario, he sees the price potentially hitting $200,000. More realistically, he expects a cycle top between $120,000 and $150,000 — but likely later in the cycle.
One of the most important levels to watch is Bitcoin’s 2024 high near $72,000. According to Cowen, holding this level on the weekly chart is essential to keep the bullish trend intact. While BTC hasn’t retested this zone yet, if it does, strong buying interest is expected to step in.
At the moment, Bitcoin is trading around $84,483, with little movement in the past 24 hours. Cowen remains cautiously optimistic. He notes that if a pullback happens, it will serve as a key test for the market’s strength. If BTC continues to hold above major levels, it could set the stage for a stronger rally later this year.
Cowen’s outlook remains bullish in the long term, with a possible move into six-figure territory. But for that to happen, Bitcoin needs to keep its momentum. For now, the bulls are holding steady — but the real test may still be ahead.
With key levels holding firm and sentiment shifting, Bitcoin’s next move could set the tone for the rest of the cycle.
Bitcoin is currently around $84,483, showing little change in the last 24 hours, but holding above $84,500.
Bitcoin’s stability above $84K and bullish outlook suggest potential upside, but a pullback could still test market strength.
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