Cryptocurrency strategist Benjamin Cowen is providing insights into the potential price movements of Bitcoin (BTC) for the remainder of 2023.
Cowen, addressing his substantial following of 764,800 on the X social media platform, suggests that Bitcoin may undergo a modest single-digit percentage decline before staging a rally to complete a bearish pattern.
“There is a significant likelihood that BTC will soon breach the previous low of $24,800. Subsequently, there exists the possibility of BTC experiencing a relief rally leading up to the formation of a death cross, which occurs when the 50-day simple moving average crosses below the 200-day simple moving average. However, it should be noted that any price surges are expected to be of short duration, resulting in lower highs. It is likely that BTC will remain in a downtrend for the remainder of the year.”
As of the time of this writing, Bitcoin is trading at $25,724.
In a separate video update, Cowen mentions that the potential formation of a death cross resembles a signal previously observed in Bitcoin’s pre-halving year. The forthcoming Bitcoin halving is scheduled for April 2024.
“I would like to draw your attention to the fact that, while the term ‘death cross’ may sound sensationalist, historical data indicates that there is often a price surge leading up to it. In the case of the day when the death cross occurs, or even a day before, price surges have been observed. When we closely analyze Bitcoin’s price action in 2019, it appears strikingly similar.”
In summary, Cowen, the cryptocurrency strategist, is analyzing Bitcoin’s potential price movements for the rest of 2023, suggesting a possible decline followed by a short-lived relief rally, with historical patterns indicating similarities to previous market behavior.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.