🚀Hey BTC enthusiasts!🚀 Bitcoin is currently down 23% from its peak price, with most of the losses coming over the past week. But don't fret!🙌

Market analyst Benjamin Cowen has been eyeing the Bitcoin bull market support band (BMSB) as a key technical indicator to determine if the asset will recover later this year.🔍

Cowen compared current trends to historical patterns from 2013, 2016, 2019, and 2023, particularly examining BTC’s relationship with its BMSB. He suggests that Bitcoin’s performance in Q4 2024 may depend on whether it can rise above the BMSB in the coming weeks.📈

In 2023, Bitcoin dropped below its BMSB in August, stayed below it for a few weeks, and then rallied hard in Q4. But in 2019, after falling below this level, the asset continued to decline in Q4.📉

Fellow analyst ‘Rekt Capital’ observed that Bitcoin is on the cusp of performing its first weekly candle close below the re-accumulation range low for the first time in over four months. The asset has been trading sideways within this range since late February but has now lost support and broken down below it.😱

CryptoQuant advised caution after observing that the long position liquidation had been the largest this year. But they warned that it took a couple of months (from Aug to Oct in 2023) before the price started to bounce back.😰

The consensus seems to be a more bearish sentiment and possibly another dip before consolidation for a couple of months, followed by another movement in Q4. Bitcoin had recovered $57,000 at the time of writing following a dip to $54,320.📊

There is support at $51,500 on the downside but an upward move would need to break resistance levels at $60,000 to progress further. This week’s US inflation reports could induce more volatility in already shaken crypto markets. So, keep your eyes peeled!👀🚀