Could Bitcoin Price Crash Like Silver? Warning Signs Are Showing

For the second straight week, Bitcoin’s price closed below $83,000, a key support level to confirm a bullish trend. This confirms a fake-out, according to popular analyst Benjamin Cowen. The analyst now fears Bitcoin could trace silver’s slow post-2011 collapse, when the precious metal’s price crashed 73% in 4 years. Was the September Rally a Trap for Bitcoin Buyers? Cowen, a member of BeInCrypto’s Market Intelligence Expert Council, set a simple test in his latest video . One weekly close below $83,000 would favor bears, and a second would confirm it. Bitcoin closed at $82,042 the prior week and at $80,154 on October 25. It still trades around the same level this week, failing to hold the $83,000 support.

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