Benjamin Cowen identified the condition under which Bitcoin could fall to $75,000

If Bitcoin closes the week below $83,000 for the second consecutive time, its price could fall to approximately $75,000, warns Benjamin Cowen, founder of the platform Into the Cryptoverse and a crypto analyst. In his view, such a scenario would put the continuation of the bullish trend at risk.

The analyst identifies the $70,000–$79,000 range as the next significant support level for the leading cryptocurrency. Should buyers fail to hold the price within this zone, Bitcoin could retreat to a level below $69,000.

Nevertheless, the expert believes that Bitcoin still appears more resilient than other financial assets. The Nasdaq index has already reached its support zone, while the S&P 500 is approaching its own. Major altcoins have undergone a similar correction, with many testing critical price levels.

Cowen attributes Bitcoin’s relative stability to investors shifting capital from riskier digital assets into the primary cryptocurrency. He suggests that the anticipation of a tightening of U.S. monetary policy is prompting market participants to favor Bitcoin, thereby increasing its share of the total cryptocurrency market capitalization.

Cowen pointed to instances of "false breakouts" in 2015 and 2022, when short-lived recoveries were followed by prolonged declines—a scenario he does not rule out repeating. Furthermore, he notes that a correction in the U.S. stock market, leading up to the conclusion of the U.S. midterm elections on November 3, could exert additional downward pressure on Bitcoin. Previously, Benjamin Cowen stated that a rise in Bitcoin above $81,000 does not signify the end of the bear trend. In his view, for a sustained recovery to be confirmed, the leading cryptocurrency must surpass its previous all-time high and establish itself above a new resistance level.