Analyst Benjamin Cowen Updates Bitcoin (BTC) Outlook, Says 2023 Getting Market Participants Wrecked
Broadly adopted crypto analyst Benjamin Cowen is updating his 2013 outlook for Bitcoin (BTC), warning each bears and bulls are prone to get wrecked.
In a brand new technique session, Cowen tells his 784,000 YouTube subscribers that he believes the value of Bitcoin goes to cut round for the remainder of the yr after the bearish market of 2022, identical to it did in 2015 and 2019 after principally bearish years.
“I believe this yr goes to cut up each side of market members, each the bulls and the bears. It’s my common expectation for the yr.
And I believe some individuals need it to be much more difficult than that and say it’s going to both be down solely or up solely, however the fact is that for those who have a look at 2015 and 2019, the years that observe these down solely bear market years, [they] have been comparatively uneven and received each side wrecked fairly handily. And I don’t actually anticipate this yr to be any completely different.
I believe that you just’re going see a really uneven market the place we’re going to wreck each side, each bulls and bears. After all, we’ve began the yr by wrecking the bears. That is what’s occurred. So I believe we’re going to see a continuation of that for the rest of the yr.”
Cowen says within the close to time period he’s watching to see if Bitcoin can keep above $22,200.
“Within the brief time period, a every day shut beneath $22,200 goes to begin to look considerably weak. If that doesn’t occur and we begin to see an increase from the underside a part of this channel, then there nonetheless is a few room right here for some potential upside, even, however, not even going to a brand new excessive.
You may nonetheless come up a bit and check a few of these prior ranges [around $25,000] that we didn’t actually spend a ton of time at. So we’ll see what occurs tomorrow and over the approaching weeks.”
He additionally guidelines out a rally to Bitcoin highs in 2023.
“I don’t assume we’re going to see a rally again to highs this yr.”
Bitcoin is buying and selling for $22,106 at time of writing.
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