Cowen has identified immediate support near the March 2024 highs for Bitcoin, but also mentions the possibility of the cryptocurrency hitting a previous downward resistance line around the $60,000 range. He highlights the importance of watching key levels for Bitcoin, particularly if it retests the trend line at $60,000, which could present a favorable short-term trading opportunity. Cowen suggests that a successful test of the trend line could lead to a significant counter-trend rally, although he warns that the long-term trajectory of Bitcoin remains uncertain despite potential short-term gains. The analyst advises caution, noting that while a bounce back from support could indicate a return to bullish momentum, optimism may not be sustained throughout the entire cycle.