Relief Rally Is Possible For Bitcoin, Important Analyst Says

According to crypto strategist Benjamin Cowen, Bitcoin’s potential price action in the remaining weeks and months of 2023 may include a drop in single-digit percentage points followed by a rally to complete a bearish pattern.

Cowen shared this prediction with his 764,800 followers on the social media platform X.

“Good chance BTC takes out the prior low ($24,800) soon,” he said.

He continued and pointed out the following fact, according to the latest reports coming from the Daily Hodl.

“After taking out that low, it is possible for BTC to see a relief rally into the death cross (when the 50-day simple moving average crosses below the 200-day simple moving average).

However, any pumps would likely be short-lived and result in lower highs. BTC likely in a downtrend for the rest of the year.”

Bitcoin is trading at $25,724 at the time of writing.

In a video update, Cowen explains that the potential formation of a death cross in Bitcoin’s recent price movement is reminiscent of a similar signal that occurred prior to the previous halving event.

The upcoming halving is expected to take place in April 2024. Cowen reminds viewers that the name “death cross” may sound sensationalist, but historically, the price tends to rise leading up to it.

Upon closer analysis of Bitcoin’s price action in 2019, there are notable similarities to the current situation.

During an interview with Scott Melker, Custodia Bank’s CEO, Caitlin Long, expressed her belief that the upcoming Bitcoin halving event could be more impactful than previous ones.

She shared her agreement with Pantera Capital’s new prediction model, stating that Bitcoin could reach $147,843 by early August 2025, approximately 480 days after the anticipated halving event on April 16th, 2024.

Long believes that the halving will have a significant impact on the top cryptocurrency asset. While the halving has been widely anticipated and well-publicized, the aftermath is not entirely predictable.

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $26,269.