Leading cryptocurrency analyst Benjamin Cowen expresses a bearish sentiment towards Bitcoin (BTC) despite the recent market rally. The senior analyst highlights significant data for the leading cryptocurrency, Bitcoin.
Will Bitcoin Repeat History?
Renowned expert Benjamin Cowen, whose analyses attract market attention, suggests that the flagship cryptocurrency Bitcoin will likely follow the downward trend it has exhibited annually before each halving. The senior analyst stated the following in his YouTube comments:
Is it different this time? Is it true that this time it will be different and Bitcoin will hold above its 20-week SMA (simple moving average) as support while entering the fourth quarter of the year before halving? Will it be different? I am skeptical.
Benjamin Cowen predicts that Bitcoin will likely stay within the price range marked by the all-time high reached in May 2022 and the price recorded in November 2020 for the remainder of this year. Regarding the matter, the analyst stated:
I will persist in my view that we spend approximately half of the year in an upward trend and the other half in a downward trend. I previously stated that the price movement in 2023 will likely stay within the range of $12,000 to $35,000. Therefore, I do not think Bitcoin will surpass these limits in 2023. We will go below $12,000.
Elevated Ascent in Bitcoin According to the Analyst!
According to the analyst, who has a significant number of followers on social media platforms, the level of around $31,800, which was the highest level in July, is likely to be the peak for Bitcoin this year. The analyst concluded his statements regarding Bitcoin as follows:
Furthermore, since I clearly stated that we spend approximately half of the year in an upward trend and the other half in a downward trend, I believe there is a high probability of reaching the annual high levels as well.
On the other hand, data released today by the United States indicates that it could increase volatility in the cryptocurrency markets. The reason for this is suggested to be the potential impact of a strong US economy causing a decline in risky assets such as cryptocurrencies.
