Bitcoin: Bulls and Bears Brace for a Choppy Market, Says Prominent Analyst
Benjamin Cowen, a well-known cryptocurrency analyst, has updated his 2013 outlook for Bitcoin (BTC).
He believes the cryptocurrency will experience a choppy market for the rest of the year, causing both bulls and bears to suffer losses. This pattern has been observed in the past, with choppy markets following mostly bearish years such as 2015 and 2019.
Cowen emphasizes that this year is likely to be similar, stating that some people want to make it more complicated than it needs to be by predicting only bearish or bullish movements.
However, he expects Bitcoin’s price to fluctuate, causing both sides to be “wrecked quite handily.” He notes that the year began by “wrecking the bears,” but the trend will likely continue for the remainder of the year.
In the short term, Cowen is watching to see if Bitcoin can maintain its position above $22,200.
A daily close below this level would be a weak signal, and he notes that a rise from the bottom part of the current channel could lead to a potential upside. However, he doesn’t expect Bitcoin to reach its previous highs this year.
At the time of writing, Bitcoin is trading at $22,106. Cowen’s analysis suggests that the cryptocurrency market will continue to be volatile, with both bulls and bears experiencing losses.