Bitcoin Bull Run At Stake, BTC Price Likely Hits 2023 Peak, Analyst Says

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In a recent video update, prominent crypto analyst Benjamin Cowen raised concerns that Bitcoin (BTC) may have already peaked for 2023. Cowen, with a substantial following on YouTube, points out similarities between Bitcoin’s current price action and its decline in the second. half of 2019.

Cowen says March rally doesn’t imply any short-term upside

According to Cowen, there is a high probability that Bitcoin’s local highs for this year have already occurred, or at most, the yearly high would only be slightly higher. This warning has sparked discussion among investors and analysts who closely monitor the cryptocurrency market.

He further added that Bitcoin saw a brief high in April when its price broke through the $30,000 mark. However, since then, it has faced a decline of around 16%, with the current trading price standing at $25,740. This downward trend has led many to wonder if Bitcoin’s bull run has come to an end.

He also clarifies that any potential short-term upward movement for Bitcoin seems unlikely. He points out that the rally in March was triggered by the collapse of US regional banks, which prompted the Federal Reserve to inject liquidity into the market. The analyst indicates that unless a similar event occurs to boost Bitcoin’s strength, the cryptocurrency could follow a similar trajectory through 2019.

US recession on the horizon, impact on Bitcoin

Moreover, he is convinced that the impending recession in the United States could further trigger the downward trend of Bitcoin, reversing his first gains in 2023. He reminds viewers of the rally that preceded the recession in 2019 and early 2020. , followed by a major capitulation.

What he concludes with You can see the markets rallying to the recession. We’ve talked a lot about the fact that a recession hasn’t happened yet in the last 18 months.

As of this writing, Bitcoin is trading at $25,822, which represents a 5% decline in the last 24 hours.

While the sentiment surrounding Cowens’ shocking announcement remains divided, there is no denying that the crypto market is at a crossroads. Analysts and investors are closely watching future cryptocurrency price movements and considering the potential consequences of an impending recession.

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