Widely followed crypto analyst Benjamin Cowen is updating his 2013 outlook for Bitcoin (BTC), warning both bears and bulls are likely to get wrecked.
In a new strategy session, Cowen tells his 784,000 YouTube subscribers that he believes the price of Bitcoin is going to chop around for the rest of the year after the bearish market of 2022, just like it did in 2015 and 2019 after mostly bearish years.
“I think this year is going to chop up both sides of 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 a lot more complicated than that and say it’s going to either be down only or up only, but the truth is that if you look at 2015 and 2019, the years that follow these down only bear market years, [they] were relatively choppy and got both sides wrecked quite handily. And I don’t really expect this year to be any different.
I think that you’re going see a very choppy market where we’re going to wreck both sides, both bulls and bears. Of course, we’ve started the year by wrecking the bears. This is what’s happened. So I think we’re going to see a continuation of that for the remainder of the year.”
Cowen says in the near term he is watching to see if Bitcoin can stay above $22,200.
“In the short term, a daily close below $22,200 is going to start to look somewhat weak. If that doesn’t happen and we start to see a rise from the bottom part of this channel, then there still is some room here for some potential upside, even, notwithstanding, not even going to a new high.
You can still come up a bit and test some of these prior levels [around $25,000] that we didn’t really spend a ton of time at. So we’ll see what happens tomorrow and over the coming 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 highs this year.”
Bitcoin is trading for $22,106 at time of writing.
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