Bitcoinโs Probable Price Action in 2023: Analystโs Insights
Discovering Bitcoinโs probable price movements for the remaining weeks and months of 2023, cryptocurrency strategist Benjamin Cowen shares his analysis with you. According to Cowen, Bitcoinย (BTC) isย veryย likely experience a single-digit percentage fall before embarking on a relief rally to complete a bearish pattern.
Cowen predicts that Bitcoinย (BTC) may soon surpass the previous low of $24,800, followed by a probable relief rally leading up to the death cross. Nonetheless, any price surges during this period are expected to be short-lived, resulting in lower highs. Consequently, Cowen believes that Bitcoinย (BTC) will likely continue its downtrend for the rest of the year.
Currently, Bitcoinย (BTC) is currentlyย worth $25,724. In a separate video update, Cowen outlines the formation of a death cross, indicating a resemblance to a similar signal observed in Bitcoinโs previous pre-halving year. The upcoming Bitcoinย (BTC) halving is projected to take place in April 2024.
Cowen emphasizes that the term โdeath crossโ couldย be sensationalist, as historically Bitcoinย (BTC) tends to experience a price surge leading up to it. By examining Bitcoinโs price action in 2019, Cowen finds striking similarities to theย present situation.
Hot Take: Bitcoinโs Probable Relief Rally
Althoughย while Bitcoinโs price movement remains uncertain, Cowenโs analysis suggests the likelihoodย of a relief rally. Nonetheless, it isย importantย 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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