Crypto

Bitcoin Predicted to Drop to $12k by Analyst Benjamin Cowen

By Mitchell

February 08, 2023

Bitcoin

Benjamin Cowen, a well-known analyst of cryptocurrencies, has set a price goal for bitcoin (BTC) in case its value drops.

Bitcoin

In a new strategy session that Cowen posted on YouTube, he told his 783,000 followers that the value of bitcoin could drop by more than 47% from where it is now in the worst case.

Cowen

Cowen says that bitcoin could recover in the next few months. After that, it could backtest a diagonal trendline, which would put the price of the most popular cryptocurrency at $12,000 in August 2023.

Cowen

Cowen says that if November wasn't the bottom, BTC might again follow the trendline from 2022 to reach the subsequent low in August 2023.

Cowen

By then, it might have broken through a $26,000 resistance in the months before August, setting the bottom at $12,000.

Cowen

Cowen then looks at the price of bitcoin around the 50-week moving average while looking at the charts to figure out how likely it will go below the current low in November 2022.

Cowen

Cowen says that the 50-week plan often needs to be revised, at least on the first try. In 2019, though, the markets might be able to pass it, though they were hesitant for about a month before they did.

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