Popular crypto analyst Benjamin Cowenupdated its 2023 outlook for Bitcoin (BTC). Cowen warned that both bears and bulls would likely be doomed.
Cowen in his new video bitcoin He said he believes the price will fluctuate for the rest of the year after the bearish market in 2022, just as it did in 2015 and 2019 after mostly bearish years.
“I think this year will cut both sides of the market participants, both the bulls and the bears. This is my general expectation for this year.
I think some people want it to be much more complex. He thinks it will either just go down or just go up. But the truth is, if you look at 2015 and 2019, it was just a relatively volatile year following the bearish bear market years. Both sides were ruined quite easily. I expect this year to be similar.
I think you will see a very volatile market where both bulls and bears will destroy both sides. Of course, we started the year by destroying the bears. That’s what happened. So I think we will see more of that for the rest of the year.”
Cowen, in the near term bitcoin priceHe explained that he is focusing on whether the company can stay above $ 22,200.
“In the short term, a daily close below $22,200 will start to look a little weak. If that doesn’t happen and we start to see a bullish breakout from the lower part of this channel, then there’s still some room for some potential upsides, even if there isn’t a new high here.
There is still narrow room for ascension. We can test some of the previous levels, $25,000, without spending a lot of time.”
He also stated that there is no possibility of Bitcoin hitting its highest levels in 2023.
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