Analyst Benjamin Cowen Updates Bitcoin (BTC) Outlook, Says 2023 Will Break Market Participants

Widely followed crypto analyst Benjamin Cowen updates his 2013 outlook for Bitcoin (BTC) and warns that both bears and bulls are likely to perish.

In a new strategy session, Cowen tells his 784,000 YouTube subscribers that he believes Bitcoin’s price will fluctuate for the rest of the year after the 2022 bearish market, just as it did in 2015 and 2019 after mostly bearish years.

“I think this year will cut both sides of the market participants, both the bulls and the bears. It’s my general expectation for the year.

And I think some people want it to be much more complicated than that and say it’s only going to go down or just go up but the truth is if you look at 2015 and 2019 the years that follow are just down markets . year, [they] were relatively choppy and got wrecked pretty handily on both sides. And I don’t really expect it to be any different this year.

I think you’re going to see a very choppy market where we’re going to bust both sides, both bulls and bears. Of course we started the year by destroying the bears. This is what happened. So I think we’ll see a continuation of that through the rest of the year.

Cowen says he is looking to see if Bitcoin can stay above $22,200 in the near term.

“In the short term, a daily close below $22,200 will start to look a bit weak. If that doesn’t happen and we start to see a rise from the lower part of this channel, there’s still some room for some potential upside here, not even to a new high.

You can still come up a bit and test some of these earlier levels [around $25,000] which we didn’t really spend much time on. So we will see what happens tomorrow and in the coming weeks.”

He also rules out a rally to Bitcoin highs in 2023.

“I don’t think we will see a rally back to highs this year.”

Bitcoin is trading at $22,106 at the time of writing.


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