Crypto analyst Benjamin Cowen is expressing bearish sentiment on Bitcoin (BTC) despite the recent bounce in the markets.
Cowen tells his 786,000 YouTube subscribers that Bitcoin is likely to follow the bearish price action it has exhibited every pre-halving year.
“Is this time different? Are the narratives true that this time is different and Bitcoin will get above its 20-week SMA [simple moving average] and hold it as support going into Q4 of the pre-halving year? Will it be different? I doubt it.”
Cowen says that for the rest of this year, Bitcoin is likely to remain within a range marked at the top by a price last reached in May of 2022 and at the bottom by a price previously recorded in November of 2020.
“I will remain firm on my view here that we spent about half a year going up and half the year going down. I have previously said that price action in 2023, in my opinion, will likely be contained to within $12,000 to $35,000 – meaning I don’t think that the price of Bitcoin will go outside of those bounds in 2023. I don’t think it’ll go lower than $12,000.”
Bitcoin is trading at $27,448 at time of writing.
According to the widely followed analyst, the July high of around $31,800 is likely to be the top for Bitcoin this year.
“I also think there’s a decent chance that the yearly highs are in as I’ve made [it] clear that we spend about half the year going up and half the year going down.”
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