Analyst Issues Dire Warning: Is Bitcoin Bull Run Coming To End? Here’s What To Expect Next
The post Analyst Issues Dire Warning: Is Bitcoin Bull Run Coming To End? Here’s What To Expect Next appeared first on Coinpedia Fintech News
The cryptocurrency market has seen positive sentiment in the past three weeks, with the price of Bitcoin fluctuating around $23,000 in the last 24 hours. However, key metrics from short-term and long-term holders and Bitcoin miners have provided a less clear picture of the future price action.
Notably, while Bitcoin miners have been offloading both fresh and old coins, long-term holders have been increasing their holdings in recent weeks.
As a result, the struggle between Bitcoin bulls and bears continues, with no clear long-term trend emerging. According to crypto analyst Rekt Capital, for the rally of the past few weeks to continue, Bitcoin needs to reclaim $23,300 as support.
From a long-term perspective, popular YouTube crypto analyst Benjamin Cowen thinks Bitcoin price will be in a consolidation mode for the greater part of 2023.
Bitcoin Price Analysis
In a recent address to his over 790,000 YouTube subscribers, Cowen, a crypto analyst, stated that the Bitcoin market will likely be volatile in the coming quarters.
He cited historical data, which shows that the price of Bitcoin has consolidated within a year-long range before entering into a bull market.
As such, he believes that the price of Bitcoin could reach $25,000, where it may encounter resistance. Cowen also noted that the price of Bitcoin could experience short-term fluctuations, driven by macroeconomic factors such as inflation and a potential recession.
Furthermore, he added that the narrative of a rising market may be supported by the high accumulation of Bitcoins by short-term holders. With long-term holders also increasing their holdings, the rally may continue before an eventual price correction.