Analyst Benjamin Cowen Predicts a Long Year for Bitcoin (BTC) Here’s What He Means

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Widely followed crypto analyst Benjamin Cowen says the historical price movement of Bitcoin (BTC) suggests that the best crypto asset is likely to have a long year in 2023.

In a new video, Cowen tells his 783,000 YouTube subscribers that in past cycles Bitcoin has traded in a wide range following a bear market.

I want to remind people that, and this is my own experience, I’ve said this many times: the year after the bear market year is often a side year. So far, that has not been the case. It’s mostly just summer.

But the analyst says that while Bitcoin may appear to have significant strength, the crypto king may actually be setting up a large sideways range as its base.

When we say sideways year it does not mean that you are not going to increase. In fact, you’ll probably go up and you’ll probably go down. In 2015 we saw two bull rallies, and then we finally had a third one that was actually real. In 2019 we had a massive rally, then a huge dump, then we had the real rally that took us to new heights.

Source: Benjamin Cowen/YouTube

If Bitcoin follows previous trends, Cowen says 2023 is likely to be a long year for the leading crypto asset by market capitalization. He says investors could take advantage of this period to increase their BTC holdings.

So while I know everyone is excited and I don’t want to rain on anyone’s parade per se, I still think the most likely outcome for this year is that it’s going to be a long year for Bitcoin sort of build a base. You could think of it as a year of accumulation to build a base and hopefully have enough strength to really push higher, especially whenever the Fed returns to looser monetary policy.

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