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Bitcoin Primed To Plummet by Double-Digits if Historical past Repeats Itself, Says Benjamin Cowen – Right here Are His Targets

Crypto analyst Benjamin Cowen is expressing bearish sentiment on Bitcoin (BTC) regardless of the current bounce within the markets.

Cowen tells his 786,000 YouTube subscribers that Bitcoin is prone to comply with the bearish worth motion it has exhibited each pre-halving 12 months.

“Is this time different? Are the narratives true that this time is different and Bitcoin will get above its 20-week SMA [simple moving average] and hold it as support going into Q4 of the pre-halving year? Will it be different? I doubt it.”

Supply: Benjamin Cowen / YouTube

Cowen says that for the remainder of this 12 months, Bitcoin is prone to stay inside a variety marked on the prime by a worth final reached in Might of 2022 and on the backside by a worth beforehand recorded in November of 2020.

“I will remain firm on my view here that we spent about half a year going up and half the year going down. I have previously said that price action in 2023, in my opinion, will likely be contained to within $12,000 to $35,000 – meaning I don’t think that the price of Bitcoin will go outside of those bounds in 2023. I don’t think it’ll go lower than $12,000.”

Bitcoin is buying and selling at $27,448 at time of writing.

In accordance with the extensively adopted analyst, the July excessive of round $31,800 is prone to be the highest for Bitcoin this 12 months.

“I also think there’s a decent chance that the yearly highs are in as I’ve made [it] clear that we spend about half the year going up and half the year going down.”

Supply: Benjamin Cowen / YouTube


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Supply: https://dailyhodl.com/2023/08/31/bitcoin-primed-to-plummet-by-double-digits-if-history-repeats-itself-says-benjamin-cowen-here-are-his-targets/


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