Widely followed crypto strategist Benjamin Cowen is laying out the path forward for Bitcoin (BTC) after the Federal Reserve raised interest rates by 25 basis points.
Cowen tells his 785,000 YouTube subscribers that Bitcoin is likely to experience choppy price action roughly between the $15,500 and $29,000 zone going forward.
“My expectations for this year are very tempered. I think it’s going to be a relatively choppy year. I know that there’s been a lot of excitement recently…
I’m happy to see it to be completely honest, especially with the dominance of Bitcoin going up.”
Bitcoin is trading at $27,571 at time of writing, down by nearly 5% from the 2023 high of around $28,868.
According to Cowen, Bitcoin will eventually rally after trading in the range between its 2022 low and 2023 high.
“It’s not to say that Bitcoin can’t eventually recover out of it [the range between around $15,500 and $29,000]. It’s just what I would consider to be a recovery year.
So I would just say it would be more akin to a recovery year where we’re just going to chop around for a while, wreck both sides and then eventually we can go back up.”
Cowen says that the 84% rally that Bitcoin has enjoyed since the 2022 low of around $15,500 is still sideways price action when viewed from a bird’s eye view. Per Cowen, Bitcoin displayed similar price action in 2015.
“When you’re living through it, it doesn’t really feel like saying that we just go sideways this year and then seeing Bitcoin pump 84% as being reflective of a sideways year…
When we think back to 2015 we look at that and it seems like a relatively sideways year. But if you take a price percent move here from the bottom to the top it was also about an 80% move.”
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Source: https://dailyhodl.com/2023/03/24/top-crypto-analyst-benjamin-cowen-maps-path-forward-for-bitcoin-btc-here-are-his-targets/