Bitcoin Price Could See Increased Volatility With Potential Pullback to $31K Support
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Bitcoin could see a pullback if it hits $48,000, according to analyst Benjamin Cowen's technical analysis using Fibonacci levels.
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A potential Bitcoin dip could retest support around $31,000 based on historical price action, per Cowen.
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Cowen is forecasting increased volatility in the Bitcoin market in the coming weeks.
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Bitcoin is currently trading around $41,874, up over 4% in the last 24 hours.
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The analyst notes that big price swings have happened historically when momentum builds like it has recently.