- Cryptocurrency analyst Benjamin Cowen predicts a potential downturn for Bitcoin, suggesting a repeat of previous halving cycles.
- Cowen proposes that Bitcoin is likely to remain within a specific price range of $12,000 to $35,000 throughout 2023.
- The analyst believes that Bitcoin’s peak for this year could be around $31,800, with half the year experiencing a rise and the other half a decline.
Renowned cryptocurrency analyst Benjamin Cowen has expressed a bearish outlook on Bitcoin despite recent market surges. Cowen draws attention to significant data concerning the leading cryptocurrency, Bitcoin.
Will History Repeat Itself in Bitcoin?
Benjamin Cowen, a respected figure in the market, suggests in his YouTube commentary that Bitcoin will likely follow the downward trend it has shown before each halving year. Cowen questions the narrative that this time will be different and that Bitcoin will rise above its 20-week SMA (Simple Moving Average) and maintain it as support entering the fourth quarter of the pre-halving year.
Cowen predicts that Bitcoin will likely remain within the range marked by the price reached in May 2022 at the top and the price recorded in November 2020 at the bottom for the rest of this year. He maintains his view that we will spend approximately half of the year in an uptrend and half in a downtrend. He previously stated that the price movement in 2023 would likely remain within the $12,000 to $35,000 range.
Analyst’s Bitcoin Uptrend Prediction!
According to the analyst, who has a significant following on social media platforms, the peak for Bitcoin this year is likely to be around the highest level in July, which is $31,800. He also believes that the chances of reaching annual highs are high, as he clearly stated that we would spend approximately half of the year in an uptrend and half in a downtrend.
On the other hand, the data released by the United States today could increase volatility in the cryptocurrency markets. The reason for this is that a strong US economy could lead to a decline in risky assets like cryptocurrencies.
Conclusion
Despite the recent market surge, Benjamin Cowen’s analysis suggests a potential downturn for Bitcoin. He believes that Bitcoin will likely remain within a specific price range throughout 2023 and that the peak for this year could be around $31,800. However, external factors such as the US economy could influence these predictions.
