Widely followed crypto analyst Benjamin Cowen says that the historical price movement of Bitcoin (BTC) suggests that the top crypto asset will likely have a long year in 2023.
In a new video, Cowen tells his 783,000 YouTube subscribers that in the past cycles, Bitcoin traded in a wide range following a bear market.
[adinserter block="1"]“I want to remind people that, and this is my own experience, I’ve said this many times: the year after the bear market year is often a sideways year. So far, that’s not been the case. It’s mainly just been up.”
But the analyst says that while Bitcoin may appear to have significant strength, the king crypto may actually be in the midst of setting up a wide sideways range as a base.
“When we say sideways year, that doesn’t mean you’re not going to go up. In fact, you are likely going to go up, and you’re likely going to go down. In 2015, we saw two rallies to the upside and then we finally got a third one that was actually real. In 2019, we had a massive rally and then a massive dump and then we got the real rally that took us to new highs.”
Should Bitcoin follow the previous trends, Cowen says that 2023 will possibly be a long year for the leading crypto asset by market cap. He says investors could make use of this period to increase their BTC holdings.
“So while I know everyone’s excited and I don’t want to rain on anyone’s parade per se, I would still think that the most likely outcome for this year is that it’s just going to be a long year for Bitcoin to sort of build out a base. You could think of it as an accumulation year to build out a base and to hopefully have enough strength to really push higher, especially whenever the Fed goes back to looser monetary policy.”
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