Bitcoin Analyst Benjamin Cowen Predicts Bearish Future for BTC
Crypto analyst Benjamin Cowen is expressing bearish sentiment on Bitcoin (BTC) despite the recent bounce in the markets. Cowen tells his 786,000 YouTube subscribers that Bitcoin is likely to follow the bearish price action it has exhibited every pre-halving year. Cowen says that for the rest of this year, Bitcoin is likely to remain within a range marked at the top by a price last reached in May of 2022 and at the bottom by a price previously recorded in November of 2020. According to Cowen, the July high of around $31,800 is likely to be the top for Bitcoin this year.
Main Points:
– Cowen predicts that Bitcoin will follow its historical bearish price action in pre-halving years.
– He believes that Bitcoin’s price will remain within a range for the rest of the year, with a top around $31,800 and a bottom around a price reached in November 2020.
– Cowen does not expect Bitcoin to go lower than $12,000 in 2023.
– He suggests that the yearly highs for Bitcoin may have already been reached.
– Bitcoin is currently trading at $27,448.
Hot Take:
Despite the recent bounce in the markets, Benjamin Cowen remains bearish on Bitcoin. He predicts that Bitcoin will follow its historical pattern of bearish price action in pre-halving years. Cowen believes that Bitcoin’s price will remain within a range for the rest of the year and that the July high of around $31,800 may be the top for Bitcoin in 2023. While there is uncertainty in the crypto market, Cowen’s analysis suggests that Bitcoin may face downward pressure in the coming months.
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