Analyst Benjamin Cowen Updates Bitcoin (BTC) Outlook, Says 2023 Will Get Market Participants Broken
Widely followed cryptoanalyst Benjamin Cowen updates his 2013 outlook for Bitcoin (BTC), warning that both bears and bulls are likely to be destroyed.
In a new strategy session, Cowen tells his 784,000 YouTube subscribers that he thinks the price of Bitcoin is going to cut for the rest of the year after the 2022 bear market, just as it did in 2015 and 2019 after largely bearish years.
“I think this year is going to cut up both sides of the market players, both the bulls and the bears. That’s my overall expectation for the year.
And I think some people want it to be a lot more complicated than that and say it’s either going to be just down or just up, but the truth is if you look at 2015 and 2019, the years following those down are just bear markets. year, [they] were relatively choppy and had both sides destroyed quite easily. And I really don’t expect this year to be any different.
I think you’re going to see a very choppy market where we’re going to destroy both sides, both bulls and bears. Of course we have started the year by destroying the bears. This is what has happened. So I think we’re going to see a continuation of that for the rest of the year.”
In the short term, Cowen says he’s looking at whether Bitcoin can hold above $22,200.
“In the near term, a daily close below $22,200 will start to look somewhat weak. If that doesn’t happen and we start to see a rise from the lower part of this channel, then there is still some room here for potential upside, even , despite, not even going to a new peak.
You can still come up a bit and test some of these previous levels [around $25,000] which we didn’t really spend a ton of time on. So we’ll see what happens tomorrow and the next few weeks.”
He also rules out a rally to Bitcoin highs in 2023.
“I don’t think we’re going to see a rally back to the top this year.”
Bitcoin is trading at $22,106 at the time of writing.
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