A widely followed crypto analyst is issuing a warning that the Bitcoin (BTC) peak for 2023 is likely already in.
In a new video update, prominent crypto strategist Benjamin Cowen tells are 783,000 YouTube subscribers that Bitcoin’s price action in 2023 may mirror 2019, when it declined in the second half of the year.
“There is a good chance that the local highs are in, or even the annual highs for this year. And if it’s not the yearly high, I would expect the yearly high to be only a few thousand dollars higher.”
Bitcoin’s recent high in April was when it briefly crossed the $30,000 level. It is down nearly 16% since then and is currently trading at $25,740.
Cowen says a near-term upside is unlikely, noting that the March rally came as US regional banks collapsed, prompting the Federal Reserve to free up liquidity for them, which some have likened to quantitative easing (QE).
“I know some people are hoping it’s just kind of getting a newfound momentum like we saw in March, but remember this was on the back of the non-QE kind of, QE. And unless you see something drastic like that, there’s, I’d say, a good chance it could follow the spirit of 2019.
The top crypto analyst also says there is a high probability that a recession is coming in the US, which will likely see Bitcoin fall further, wiping out gains in early 2023.
“Remember, in 2019 or early 2020 we entered a recession? And then we got that big capitulation. So that is a possibility. You see the markets going into a recession. We talked a lot about the fact that there hasn’t been a recession in the last 18 months.”
Bitcoin is trading at $25,822 at the time of writing, down 5% over the past 24 hours.
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