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– Will bitcoin test the $69,000 mark? Watch the end date of the window of weakness Crypto analyst Benjamin Cowan links bitcoin’s fall to traditional stock market weakness

He calls $69,000 a key support level and warns that a deep drop to $63,000 could mean the end of the cycle.

Find stocks that have bottomed out in Benzinga’s new rankings.

Cryptocurrency analyst Benjamin Cowan warns that Bitcoin BTC/USD’s first weekly close below the bull market support band could signal the top of the cycle.

What happened: when bitcoin fell below $79,000, Cowen expressed concern in a podcast on Monday, noting that BTC closed below a weekly bull market support band for the first time outside of Q3 in this cycle.

This is a departure from previous cycles, he said, highlighting that bitcoin’s annualized returns have fallen.

Mr. Cowan believes bitcoin’s weakness is due to the broader market environment and that most

Peak or Recovery cycle?

Mr. Cowan believes that bitcoin can test $69,000, its all-time high today, without breaking the past trend. He believes. Bitcoin could fall to $69,000 and still follow the 2016-2017 cycle, he explained.

However, he set an important threshold. If bitcoin falls below $70,000, the cycle has likely peaked; a short-term drop to $69,000 could lead to a recovery, but a deep drop to $62,000-63,000 would likely mark the end of the bull cycle.

Read also: Bitcoin below $80000: correction or buying opportunity.

What’s next: Cowen expects bitcoin to remain in a bearish window until March options expire, likely in early April.

How far bitcoin falls in the next two weeks will determine whether the cycle is right-sided (bullish) or left-sided (bearish)