Popular crypto analyst Benjamin Cowen has predicted that Bitcoin will hit year highs in the short term. Their reasonable target suggests a 15% gain from the current BTC price.
Benjamin Cowen expects these levels in Bitcoin price
In a new interview with the David Lin Report, Cowen revealed a positive outlook for the BTC and altcoin market. The crypto analyst says that Bitcoin will rise by about 15% from current levels to reach a 2023 high of $35,000.
In part of the interview, he said, “My guess is that in the short term it is really hard to say whether Bitcoin will go up a little higher. If he can get there, my top goal will be $35,000,” he said.
Bitcoin is currently trading just below the $31,000 resistance. Today, 159,000 BTC options with a total value of approximately $7 billion will expire. cryptocoin.com In this article, we have included 4 scenarios that will be caused by expiring options contracts. However, the market has not reacted with the expected high volatility so far.
What’s next for Bitcoin?
It is very critical at what level BTC’s daily closing will be today. Personal Consumption Expenditures (PCE) price index, which is the inflation indicator preferred by the US Federal Reserve, will be announced today. On Tuesday, the US market will be closed for Independence Day, July 4th.
As another popular analyst Rekt Capital wrote on Twitter, BTC is positioning itself for a one-month close above a resistance that has rejected the price for the past three months. Currently, BTC is spending time above the same level (black). Therefore, the monthly and quarterly closing could be extremely bullish for July.
Is Monday a good time to buy BTC?
Analyst @tedtalksmacro recently posted an analysis of Bitcoin’s historical performance on Twitter. The result shows that Monday, July 3, has been the best option to buy Bitcoin, at least historically.
As the analyst noted, July was the best-performing month since October 2009. However, the data is skewed due to 10x in July 2010. Taking only the last five years of data, the best performing month is October followed by July.
On a weekly basis, Monday is the best day to buy and hold BTC. This assumes that buyers do not hold BTC on any day other than the nominated day, as the analyst assessed.
Benjamin Cowen says a possible Bitcoin rally is devastating for altcoins
Going back to Cowen, in the continuation of his explanations, the analyst says that a potential BTC rally will lead to losses in altcoins. On this subject, “If Bitcoin reaches $35,000, it will not be good for the altcoin market. Because the altcoin market will likely continue to be ruined by Bitcoin pairs,” he said. The analyst details the reason for this as follows:
Liquidity is fundamentally building and so people are basically looking for the relative security of Bitcoin over the altcoin market. This does not mean that Bitcoin cannot fall. rather, it means that Bitcoin is relatively safer than the altcoin market and liquidity has dried up.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.