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    Home»Bitcoin»Analyst Says One Issue May Be a Headwind for Bitcoin, Outlines ‘Line within the Sand’ BTC Should Overcome – The Every day Hodl
    Analyst Says One Issue May Be a Headwind for Bitcoin, Outlines ‘Line within the Sand’ BTC Should Overcome – The Every day Hodl
    Bitcoin

    Analyst Says One Issue May Be a Headwind for Bitcoin, Outlines ‘Line within the Sand’ BTC Should Overcome – The Every day Hodl

    By Crypto EditorJanuary 16, 2025No Comments3 Mins Read
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    Cryptocurrency analyst Benjamin Cowen is issuing a warning on Bitcoin (BTC) because the flagship digital asset hovers beneath $100,000.

    In a brand new video, Cowen tells his 858,000 YouTube subscribers {that a} continued rise within the yield on the US Treasury 10-year can have a bearish affect on Bitcoin.

    In line with Cowen, Bitcoin may behave equally to what occurred within the second half of 2023 when the crypto king plunged beneath a variety low at round $30,000 and stayed subdued for weeks.

    “…watch the 10-year yield if it retains going up it’s going to be a headwind for Bitcoin…

    …what occurred [in 2023] was Bitcoin went all the best way up, it got here again down however ultimately it actually dropped beneath $30,000 and stayed beneath $30,000 for plenty of weeks. And due to that the market received weaker and weaker and weaker till it bought off and located demand down right here [below $25,000].”

    Analyst Says One Issue May Be a Headwind for Bitcoin, Outlines ‘Line within the Sand’ BTC Should Overcome – The Every day Hodl
    Supply: Benjamin Cowen/YouTube

    In line with Cowen, Bitcoin may drop by as much as 28% from the present degree if its worth motion mirrors that of 2023.

    “So if Bitcoin has to observe that [2023] blueprint, which isn’t even on the similar time of the yr if you would usually see one thing like that, but when it does as a result of the 10-year yield simply doesn’t relent, you then would possible see Bitcoin spend a while round $88,000, $89,000 for some time earlier than going again and testing possibly $70,000 proper after which looking for help there.”

    Supply: Benjamin Cowen/YouTube

    The broadly adopted analyst additional says that Bitcoin’s worth motion across the $100,000 degree will possible decide the flagship crypto asset’s short-term trajectory.

    “So I feel $100,000 goes to be sort of the road within the sand… [if] Bitcoin will get rejected once more [at $100,000] and it comes again down right here and will get beneath $90,000 then this [2023] final result is extra possible the place it simply follows what the S&P [500 index] did and the Russell [2,000 index] did and provides again these post-election good points within the quick time period.”

    Bitcoin is buying and selling at $96,900 at time of writing.

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    Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses chances are you’ll incur are your duty. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please be aware that The Every day Hodl participates in affiliate internet marketing.

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