Bitcoin bull market is at stake, BTC price may have reached its 2023 peak, says analyst

In a recent video update, prominent crypto analyst Benjamin Cowen expressed concerns that Bitcoin (BTC) may already have peaked for 2023. Cowen, who has a large following on YouTube, points to similarities between Bitcoin’s current price action and its decline in the second half of 2019.

Cowen says the March rally does not imply a short-term uptrend

According to Cowen, there is a high probability that Bitcoin’s local highs for this year have already been reached, or that the yearly high would be only marginally higher at most. This warning has sparked discussions among investors and analysts who are closely monitoring the cryptocurrency market.

He added that Bitcoin saw a brief spike in April when its price surpassed $30,000. Since then, however, it has declined by about 16%, bringing the current trading price to $25,740. This downtrend has caused many to question whether Bitcoin’s uptrend has come to an end.

He also clarifies that a possible short-term upside movement of Bitcoin seems unlikely. He points out that the rally in March This was triggered by the collapse of the US regional banks, which prompted the Federal Reserve to inject liquidity into the market. Analysts are pointing out that the cryptocurrency could follow a path similar to 2019 unless a similar event occurs that boosts Bitcoin’s strength.

US recession on the horizon, impact on bitcoin

Additionally, he is adamant that the looming US recession could fuel Bitcoin’s downtrend further and wipe out its initial gains in 2023. It reminds viewers of the rally that preceded the 2019 and early 2020 recession and was followed by a sharp capitulation.

He concludes that “You can see markets recovering into a recession. We’ve talked a lot over the last 18 months about the fact that there hasn’t been a recession yet.”

At the time of writing, Bitcoin is trading at $25,822, down 5% over the past 24 hours.

While sentiment surrounding Cowen’s shocking announcement remains divided, there is no denying that the crypto market is at a crossroads. Analysts and investors are closely watching the future price movements of the cryptocurrency and pondering the possible consequences of a looming recession.

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