Crypto strategist Benjamin Cowen is outlining Bitcoin’s (BTC) potential value motion over the course of the remaining weeks and months of 2023.
Cowen tells his 764,800 followers on the social media platform X that Bitcoin is poised to drop by single-digit proportion factors earlier than rallying to make sure the completion of a bearish sample.
“Good probability BTC takes out the prior low ($24,800) quickly.
After taking out that low, it’s doable for BTC to see a reduction rally into the loss of life cross (when the 50-day easy shifting common crosses beneath the 200-day easy shifting common).
Nevertheless, any pumps would doubtless be short-lived and lead to decrease highs. BTC doubtless in a downtrend for the remainder of the 12 months.”
Bitcoin is buying and selling at $25,724 at time of writing.
In a separate video replace, Cowen says the loss of life cross that could be forming echoes an identical sign that hit Bitcoin in its earlier pre-halving 12 months. The longer term Bitcoin halving is predicted to happen in April of 2024.
“So, I do need you to remember that whereas it’s a sensationalist identify, loss of life cross, traditionally you pump into it. Like on the day of the loss of life cross, or perhaps a day earlier than you pump into it.
Should you actually break this down to have a look at this value motion for Bitcoin again in 2019, it’s really nonetheless eerily related.”
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