Crypto analyst Benjamin Cowen is expressing bearish sentiment on Bitcoin (BTC) regardless of the current bounce within the markets.
Cowen tells his 786,000 YouTube subscribers that Bitcoin is more likely to comply with the bearish worth motion it has exhibited each pre-halving 12 months.
“Is that this time completely different? Are the narratives true that this time is completely different and Bitcoin will get above its 20-week SMA [simple moving average] and maintain it as assist going into This autumn of the pre-halving 12 months? Will or not it’s completely different? I doubt it.”
Cowen says that for the remainder of this 12 months, Bitcoin is more likely to stay inside a variety marked on the high by a worth final reached in Could of 2022 and on the backside by a worth beforehand recorded in November of 2020.
“I’ll stay agency on my view right here that we spent about half a 12 months going up and half the 12 months taking place. I’ve beforehand mentioned that worth motion in 2023, for my part, will doubtless be contained to inside $12,000 to $35,000 – which means I don’t suppose that the value of Bitcoin will go outdoors of these bounds in 2023. I don’t suppose it’ll go decrease than $12,000.”
Bitcoin is buying and selling at $27,448 at time of writing.
In accordance with the extensively adopted analyst, the July excessive of round $31,800 is more likely to be the highest for Bitcoin this 12 months.
“I additionally suppose there’s an honest likelihood that the yearly highs are in as I’ve made [it] clear that we spend about half the 12 months going up and half the 12 months taking place.”
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