crypto strategist Benjamin Cowenbelieves that 2023 will present many opportunities to make big gains in the future.
Cowen thinks the markets will lose more value before rebounding in 2023. Using the “logarithmic regression graph” to clarify the historical “upper and lower bounds”, the analyst cryptocurrency He expects the market to decline further or continue to trend sideways in the coming months.
I think we will eventually go below the green trendline. Shall we go down? Frankly, I would prefer this because I think it will provide more opportunities. Of course, there’s always the possibility of horizontal movement until you get there. We’ve seen the same before.
If you look at 2015, it’s a good example of exiting a year-long bear market. Instead of descending to the trendline, the crypto market remained sideways until it reached it. The same thing happened in 2018. It fell below this line. It went above the fair value line soon after. However, it remained flat until it reached the up and down line, and then the bull market started.
NEWS CONTINUES BELOWI don’t think a sustained bull market will occur until we reach this lower green trendline again. We either descend to this line in a short time or we cruise horizontally long enough to catch the line slowly.
Benjamin Cowen’s chart predicts a drop for the cryptocurrency market in the second half of this year.
Noting that “cash” came to the fore in 2022, the analyst also underlined that the new year may offer long-term opportunities.
The good thing is, I think 2023 will bring many opportunities to enter the crypto market. As you know, I’ve often said that in 2022, cash is king.
I think there are so many great opportunities ahead, so stay tuned.