Prepare for a September Bloodbath: Bitcoin to Drop to $12,000 Soon?
As August comes to an end and September approaches, the cryptocurrency world is bracing for what many experts believe to be a historically turbulent month for Bitcoin. Recent price surges have captured headlines, but the question of whether Bitcoin can sustain its momentum or face a downturn remains.
One prominent crypto analyst who is bearish on Bitcoin’s performance in September is Benjamin Cowen. Cowen, who has a large following on YouTube, predicts that Bitcoin could drop as low as $12,000 in the coming month.
Cowen’s Bleak Forecast
Despite recent market recoveries, Cowen remains skeptical about Bitcoin’s immediate trajectory. He draws attention to historical patterns of bearish price movements observed during pre-halving years and raises the question of whether this time will be an exception. Cowen’s doubts extend into the final quarter of the pre-halving year, as he speculates that Bitcoin may struggle to maintain its upward momentum.
Cowen’s analysis suggests that Bitcoin’s price in the fourth quarter could be restricted within a specific range. This range is defined by the previous peak observed in May 2022 at the top and a recorded price from November 2020 at the bottom. He asserts that 2023 is likely to follow a familiar pattern, with approximately half the year characterized by upward movement and the other half by downward trends.
Bitcoin Price Predictions for 2023
Cowen goes on to elaborate that Bitcoin’s price action in 2023 might be contained within the bounds of $12,000 to $35,000. While he does not foresee a dip below the $12,000 mark, he suggests that the peak observed in July, around $31,800, could represent the pinnacle of Bitcoin’s value for the year. According to Cowen, the remainder of the year is expected to mirror the historical pattern of alternating between upward and downward price trends.
With such contrasting viewpoints in the cryptocurrency community, the coming month and the remainder of 2023 promise to be an intriguing period for Bitcoin enthusiasts and investors alike.