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The widely followed cryptocurrency analyst Benjamin Cowen says Bitcoin’s ( BTC ) bull cycle would likely be over if it enters one key level. In a new video, Cowen tells his 886,000 YouTube subscribers that Bitcoin may be repeating a similar pattern from 2017, when it tested the prior year high. However, he warns that if Bitcoin drops below the 2024 low of about $71,000 and enters the $60,000 range, the bull cycle may be over. “In 2017 Bitcoin had a drop in early 2017 where it tested the 2016 high. And it happened, by the way, fairly early on. I would argue that’s very much an outcome to consider for this cycle, testing the 2024 high, which is in the lower $70,000s… If we get closes, and especially if there’s a wick in the low $60,000s, then there’s a good chance the cycle is over. If it stays above the 2024 high, then the party could easily go on.” Source: Benjamin Cowen/YouTube He also says that if Bitcoin maintains the $70,000 range, a bull cycle will probably remain intact, whereas anything lower may result in a bearish price pattern of lower highs later in the year on the weekly chart. “If it holds support above $70,000, $73,000, [the] structure of the market is fine. If it goes into the $60,000s, then I would argue that the more likely outcome would be a macro lower high in Q2, Q3, potentially around like the August timeframe.” Bitcoin is trading for $84,059 at time of writing, up 3.8% in the last 24 hours. Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post There’s a Good Chance the Bull Cycle’s Over if Bitcoin Plunges to This Level, Warns Analyst Benjamin Cowen appeared first on The Daily Hodl .
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Pi Coin has recently decreased in value due to selling pressure. The .pi domain auction aims to enhance ecosystem growth using Pi Coin. Continue Reading: Watch the Exciting Auction of Pi Domain Names Drive Pi Coin’s Value The post Watch the Exciting Auction of Pi Domain Names Drive Pi Coin’s Value appeared first on COINTURK NEWS . The Daily Hodl
California Man Sentenced to More Than Seven Years in Prison on Charges Related to Bitcoin-Facilitated Drug Market
A California man was sentenced to more than seven years behind bars on charges related to operating an underground drug-trafficking market powered by Bitcoin ( BTC ) transfers. Federal prosecutors say John Khuu illegally imported counterfeit pharmaceutical and MDMA pills from Germany and subsequently used dark web markets to distribute the illicit substances to customers across the US. Khuu, 29, was paid in Bitcoin and other crypto assets, which he and his co-conspirators exchanged for US currency that was then laundered and transmitted to dozens of different accounts. The California resident was indicted in May 2022 in the Eastern District of Texas and charged with conspiracy to commit money laundering. Three months later, Khuu was also indicted in the Northern District of California and charged with unlawful importation of a Schedule I controlled substance. He was arrested by agents in Garden Grove, California a few days after the second indictment. Khuu’s arrest was the result of “ Operation Crypto Runner ,” a multi-agency law enforcement effort that resulted in a batch of charges filed against 21 individuals for their alleged involvement in transnational money laundering networks. Last year, Khuu pled guilty to conspiracy to commit money laundering, conspiracy to operate an unlicensed money-transmitting business and importation of MDMA. This week, U.S. District Judge J. Campbell Barker sentenced him to 87 months in federal prison. Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post California Man Sentenced to More Than Seven Years in Prison on Charges Related to Bitcoin-Facilitated Drug Market appeared first on The Daily Hodl . The Daily Hodl
