Bitcoin’s Potential Price Action in 2023: Analyst’s Insights
Discovering Bitcoin’s potential price movements for the remaining weeks and months of 2023, crypto strategist Benjamin Cowen shares his analysis with you. According to Cowen, Bitcoin is likely to experience a single-digit percentage drop before embarking on a relief rally to complete a bearish pattern.
Cowen predicts that Bitcoin may soon surpass the previous low of $24,800, followed by a potential relief rally leading up to the death cross. However, any price surges during this period are expected to be short-lived, resulting in lower highs. Consequently, Cowen believes that Bitcoin will likely continue its downtrend for the rest of the year.
As of now, Bitcoin is trading at $25,724. In a separate video update, Cowen highlights the formation of a death cross, indicating a resemblance to a similar signal observed in Bitcoin’s previous pre-halving year. The upcoming Bitcoin halving is projected to take place in April 2024.
Cowen emphasizes that the term “death cross” may be sensationalist, as historically Bitcoin tends to experience a price surge leading up to it. By examining Bitcoin’s price action in 2019, Cowen finds striking similarities to the current situation.
Hot Take: Bitcoin’s Potential Relief Rally
While Bitcoin’s price movement remains uncertain, Cowen’s analysis suggests the possibility of a relief rally. However, it is crucial to consider the short-lived nature of any price surges and the overall downward trend projected for the rest of the year.
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