Closely followed crypto analyst Benjamin Cowen shared that a historical pattern points to a double-digit price drop for Bitcoin. According to their analysis, BTC visits bottoms before every halving cycle.
Bitcoin price will drop by double digits if history repeats itself
In his current analysis, where he addressed 786,000 YouTube subscribers, Cowen drew attention to a historical Bitcoin decline pattern. This pattern emerges before every Bitcoin halving. BTC price definitely revisits bottom levels in these timeframes. Sharing the chart below, the analyst explains the details as follows:
Will it be different this time? Are the narratives that it’s different this time around and that Bitcoin will hold it as support as it climbs above the 20-week SMA (simple moving average) and enters Q4 of the pre-halving year? I doubt…
“We will go below $12,000”
Cowen says that for the rest of this year, Bitcoin will likely remain in the range marked at the top with the price last reached in May 2022 and at the bottom with the price previously recorded in November 2020. The crypto analyst offers a pessimistic view on the historical pattern. It includes the following price levels that technically scare Bitcoin investors:
Here I will insist on my view that we spend about half of the year on the rise and half on the decline. I said earlier that the price action in 2023 will most likely stay in the $12,000 to $35,000 range. In other words, I do not think that the Bitcoin price will go beyond these limits in 2023. We’ll go under $12,000.
Bitcoin price may not see another high this year
Cowen’s technical setup points to critical and compelling resistance for Bitcoin bulls. According to the analyst, the level around $31,800, which is the July high, will remain the peak for Bitcoin this year. In summary, the analyst expects the Bitcoin price to trade below $30,000 throughout 2023:
Also, since I have made it clear that we spent about half of the year up and half down, I think there is a good chance of yearly highs.
Meanwhile, famous Bloomberg analyst Mike McGlone made positive predictions about BTC after a long hiatus. Cowen expects the leading crypto to spend time below the $31,800 zone, while McGlone expects a long-term rally. cryptocoin.comWe have included the details of their current analysis in this article.
