Analyst Benjamin Cowen: 2023 Bitcoin Forecast; Key On-Chain Indicator Sets The Path For BTC Price

The important crypto analyst Benjamin Cowen is addressing the 2023 Bitcoin forecast. At the moment of writing this article, BTC is trading in the green, and the king coin is priced just a bit below $25k. Check out the latest optimistic predicitons about the king coin below.

According to the latest reports coming from the online pubcalition the Daily Hodl, the MVRV Z-score pulls out the extremes in the data between market value and realized value to attempt to identify long-term trend reversals.

Cowen explained the fact that based on the on-chain metric’s historical movements, BTC could theoretically consolidate in a range at least until 2024 before a sustained bull market rally.

“I would argue that what you’re most likely going to see this year is a recovery year, where you spend about half the time moving higher, and half the time moving lower. You can break that up in different months, so you know 2018, 2014, 2022, we had like eight or nine red months, but in the recovery years, it’s split more or less half and half.”

Cowen continued and explained the following:

“And I think you’re likely going to see the MVRV Z-score score do something like that, where it comes back above the zero line like it is right now, and eventually, it probably comes back below it again. And we just spend some time consolidating.”

It’s been revealed that a crypto strategist who nailed Bitcoin’s May 2021 collapse says that a steep rally could be on the horizon for BTC.

Pseudonymous analyst Dave the Wave said not too long ago that Bitcoin could be mirroring its early 2019 price action when the king crypto surged from below $4,000 to about $14,000 in a few months.

“A BTC risk to the upside. Number can get big fast…” Check out our previous article in order to learn more details about this.