Bitcoin is currently down 23% from its peak price, most of the decline occurring in the past week. Market analyst Benjamin Cowen is paying attention to BMSB (Bitcoin bull market support band) as an important technical indicator to determine whether the asset will recover later this year. 📉

Cowen compared current trends with historical patterns from 2013, 2016, 2019, and 2023, primarily examining BTC's relationship with its BMSB. He suggested that Bitcoin's performance in Q4 2024 may depend on whether it can rise above BMSB in the next few weeks.

However, another analyst 'Rekt Capital' observed on July 8 that Bitcoin was on the verge of closing its first weekly candle below the low re-accumulation range for the first time in over four months.

What do you think about this prediction? Will Bitcoin recover or continue to decline? Share your opinion in the comments column!#Bitcoin#CryptoNews