Bitcoin’s Key Level Is $96,500, Analyst Warns, But Here’s What Could Trigger A Breakdown
Posted On May 5, 2025
Bitcoin’s (CRYPTO: BTC) rally following its recent death cross has sparked a debate over whether it marks the start of a true breakout or another 2019-style bull trap.
What Happened: In a podcast on May 4, cryptocurrency analyst Cowen warned that Bitcoin’s current pattern closely resembles its 2019 setup.
Back then, BTC surged 42% post-death cross, only to crash to a lower low weeks later.
Cowen emphasizes that unless Bitcoin closes the week above $96,500, the current move could also prove to be a fakeout.
“A weekly close above $96,500 would go a long way in saying”, Cowen noted …
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