Benjamin Cowan: 2023 will be a springboard for the cryptocurrency market
A well-known analyst assures that this year investors in the cryptocurrency markets will have the opportunity to lay a solid foundation for huge profits in the future.
In a new strategy session on Youtube, crypto strategist Benjamin Cowen told his 780,000 followers that the crypto market is likely to continue to decline before a massive recovery wave begins.
It uses a logarithmic regression plot of the market capitalization of cryptocurrencies to show historical upper and lower bounds. The analyst predicts that the crypto market as a whole is likely to either quickly capitulate or move sideways in the coming months.
“I do think that eventually we will get to the lower green trend line. Will we go below her? To be honest, this is what I would like, because I think it gives more options. Of course, there is always a chance that we will go sideways until we hit this line. We’ve done this before,” says Cowen.
He draws viewers’ attention to 2015 as a good example of a year-long bear market exit, when instead of going down to the trend line, the market simply moved sideways until it reached it. The same thing happened in 2018. And then the bull market began.
“I really don’t think a sustained bull market is going to happen until we hit that lower green trend line again. Either we quickly get down to her, or we move aside long enough for her to slowly catch up to her, ”continues Cowan
The Cowan chart, on closer inspection, predicts a crypto market bottom around the second half of this year.
He also says market conditions in 2022 that made cash stronger are likely to change this year as he expects crypto to provide long-term savings opportunities.
“2023 will provide many opportunities to enter the market.
I really think that we will have interesting opportunities for the future, so stay tuned”
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