Widely followed crypto strategist Benjamin Cowen is charting the way 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 see choppy price action roughly between the $15,500 and $29,000 zone in the future.
“My expectations for this year are very temperate. I think it’s going to be a relatively eventful year. I know there’s been a lot of excitement lately…
I’m happy to see him being completely honest, especially with Bitcoin’s rise in dominance.”
Bitcoin is trading at $27,571 at the time of writing, almost 5% down 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.
“Not to say that Bitcoin can’t eventually recover from it [the range between around $15,500 and $29,000]. It’s just what I would consider a year of recovery.
So I would just say it would be more like a payback year where we’re just going to hang around for a while, rip both sides apart, and then eventually we can come back up.”
Cowen says that the 84% rally Bitcoin has enjoyed from the 2022 low of around $15,500 is still sideways price action when viewed from a bird’s eye view. According to Cowen, Bitcoin showed a similar price action in 2015.
“When you’re living through it, it really doesn’t feel like saying this year we’re going sideways and then seeing Bitcoin pump 84% as a reflection of a year on the side…
When we think about 2015, we look at it and it seems like a relatively sideways year. But if you take a percentage price move here from the bottom to the top, it was also an 80% move.”
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Featured Image: Shutterstock/Tithi Luadthong
