A widely followed crypto analyst is issuing a warning that the Bitcoin (BTC) top for 2023 is likely already in.
In a new video update, prominent crypto strategist Benjamin Cowen tells his 783,000 YouTube subscribers that Bitcoin’s price action in 2023 may be mirroring 2019 when it declined in the second half of the year.
“There’s a high probability that the local highs are in, or even the yearly high could be in for this year. And if it’s not the yearly high, I would expect the yearly high would only be a few thousand dollars higher.”
Bitcoin’s recent high in April was when it briefly crossed the $30,000 level. It is since down nearly 16%, currently trading at $25,740.
Cowen says any near-term move to the upside is unlikely, noting that the March rally came as US regional banks collapsed, causing the Federal Reserve to free up liquidity for them, which some likened to quantitive easing (QE).
“I know some people are hoping that it just gets some type of renewed strength like we saw back in March, but remember this was on the back of the sort of not QE, QE. And unless you see something drastic like that, then there is, I would say, a good chance it could just sort of follow the ghost of 2019.”
The top crypto analyst also says there is a high likelihood that a US recession is coming which would likely cause Bitcoin to continue moving downward, canceling out its gains early in 2023.
“Remember, in 2019 or early 2020 we rallied into a recession right? And then we got that major capitulation. So that is a possibility. You can see markets rally into recession. We’ve talked a lot about how a recession has not yet occurred over the last 18 months.”
Bitcoin is trading for $25,822 at time if writing, down 5% during the last 24 hours.