Analyst Benjamin Cowen Reveals ‘Worst-Case Scenario’ Price Target for Bitcoin (BTC) – Here’s His Outlook
Extensively adopted crypto analyst Benjamin Cowen is setting a worth goal for Bitcoin (BTC) if it had been to break down.
In a brand new technique session, Cowen tells his 783,000 YouTube subscribers that in a “worst-case situation,” Bitcoin might dive by over 47% from its present worth.
Cowen says Bitcoin might rally within the coming months after which “again take a look at” a diagonal trendline, placing the king crypto at $12,000 in August 2023.
“If it had been August of 2023, like proper round right here [at $12,000], and it [currently] rallies on up [to $26,000] after which kind of sits up right here for some time, after which comes again down after which that finally ends up being the underside [at $12,000], it might additionally really correspond to hitting this trendline once more, the low [in May 2022], the decrease low [in November 2022], after which perhaps one final low once more [in August 2023], if November shouldn’t be the underside. That is in fact assuming November shouldn’t be the underside, which admittedly, once more, it may very well be. So the worst-case situation is one thing like that.”
Cowen subsequent appears at Bitcoin’s worth associated to the 50-week transferring common to investigate the opportunity of Bitcoin dipping under the November backside. The analyst says that the 50-week transferring common has served as a key resistance indicator after a prolonged bear market throughout earlier cycles, and it might be on the verge of doing so once more.
“We’ve acquired three examples after principally an extended bear market. The primary one [in 2012], rejection, then a better low and blast off. The second [in 2015], rejection, double backside, then go. The third one [in 2019], we hesitated, acquired via it, in the end capitulated again down under it, after which put in a barely increased low…
Usually the 50-week presents some resistance a minimum of on the primary try, even in 2019 after we acquired by it, we nonetheless hesitated at it for a couple of month earlier than making our approach via it. The place does the 50-week sit [now]? Simply above $25,000, which additionally corresponds this prior native excessive proper right here [in January 2022].”
Bitcoin is value $22,860 at time of writing.
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