Bitcoin analyst Benjamin Cowen has updated his 2023 Bitcoin price forecast and warns that both bulls and bears are expected to suffer losses this year. At a recent strategy session, Cowen said that similar to 2015 and 2019, Bitcoin’s price will fluctuate for the remainder of the year following the bearish market of 2022.
Cowen believes that both bulls and bears in the market will be doomed this year. He noted that in 2015 and 2019, the years that followed these down markets were relatively turbulent, causing both sides to suffer significant losses. He added that some people want the market to be more complicated than that, but he does not see this year being any different.
Cowen predicts that the market will be quite choppy and that it will destroy both the bulls and the bears. However, he highlighted that the bears have already suffered significant losses at the beginning of the year, and he expects the same to continue throughout the rest of the year. In the short run, Cowen will be looking to see if Bitcoin can maintain its price above $22,200.
If Bitcoin’s daily closing falls below $22,200, the market may appear weaker in the near term. However, Cowen believes there is still some potential upside, even if it does not reach a new high. Bitcoin could start to rise from the bottom of this channel and test some prior levels around $25,000 that it did not spend much time at before. He concluded by stating that he will be closely monitoring Bitcoin’s performance in the coming weeks.