Closely followed crypto analyst Benjamin Cowen shared that a historical pattern points to a double-digit price decline for Bitcoin. According to their analysis, BTC visits bottoms before each halving cycle.
If history repeats itself, Bitcoin price will fall by double digits
Cowen pointed out a historical Bitcoin decline pattern in his current analysis addressing 786,000 YouTube subscribers. This pattern emerges before every Bitcoin halving. BTC price definitely revisits its bottom levels in these time periods. Sharing the chart below, the analyst explains the details as follows:
Will it be different this time? Are the narratives true that this time is different and that Bitcoin will break above the 20-week SMA (simple moving average) and hold it as support as we enter the 4th quarter of the year before the halving? 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 the bottom with the price previously recorded in November 2020. Crypto analyst offers a pessimistic outlook on the historical pattern. It includes the following price levels that technically scare Bitcoin investors:
Here I will insist on my view that we spent about half of the year on the rise and half on the decline. I said earlier that price action in 2023 will most likely remain in the $12,000 to $35,000 range. So I do not think that the Bitcoin price will go beyond these limits in 2023. We will go below $12,000.
Bitcoin price may not see a new peak this year
Cowen’s technical setup points to a critical and compelling resistance for Bitcoin bulls. According to the analyst, the July high of around $31,800 will remain the peak for Bitcoin this year. In summary, the analyst expects Bitcoin price to trade below $30,000 throughout 2023:
I also think there’s a good chance of yearly highs coming, as I’ve made it clear that we’ve spent about half the year up and half down.
Meanwhile, famous Bloomberg analyst Mike McGlone made positive predictions about BTC after a long time. While Cowen expects the leading crypto to spend time below the $31,800 region, McGlone expects a rally in the long term. As Kriptokoin.com, we have included the details of its current analysis in this article.
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