Crypto Analyst Benjamin Cowen Says Bitcoin Won’t Have Parabolic 2021, Predicts Bull Market Will Stretch Until 2022

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Popular crypto strategist and trader Benjamin Cowen says he believes Bitcoin (BTC) is unlikely to end 2021 on a high note.

In a new strategy session, Cowen tells his 597,000 YouTube subscribers that he believes Bitcoin is in a massive re-accumulating range. Looking at the big picture, the analyst claims that Bitcoin has traded in a wide range between $ 28,000 and $ 65,000 for the entire year so far.

“That’s where we started, around $ 28,000, $ 29,000… It was early 2021. And so far, what have we done? Not much, right? Could we finally get out of it as the end of the year approaches? Yes, it is certainly possible. But look: I don’t think 2021 for Bitcoin is going to turn into a parabolic rally year in the sense that we’ve spent most of the year going awry.

While the distance between the low range and the high range may seem significant, Cowen argues that Bitcoin holders are unlikely to be excited about gains of just over 2x.

“You take a look at what happened in 2021 for Bitcoin, a lot of nothing. We’ve just more or less been in that range of about 130%. I guarantee you most Bitcoiners don’t get out of bed for 130%.

The trader says he calls 2021 “The Great Year of Accumulation” for Bitcoin and adds that he expects BTC to extend its bull cycle until 2022.

“I think there’s a lot of recency bias today because we’ve gone back to the high end. Just like there was a lot of euphoria here (January 2021 to March 2021). We could definitely break out here… But I still think, based on all the data I’m looking at, that the cycle should at least get longer until 2022. And that when I look at that (2021 lineup), I’m just saying : ‘You know 2021, for the most part, has been a long year of re-accumulation.’ “

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