coinedition.com
Many experts are attempting to predict how Bitcoin will behave In the next months. Expert on cryptocurrencies and the founder of Into The Cryptoverse, Benjamin Cowen, has established a price target for Bitcoin (BTC) in case it falls.
In a “worst-case scenario,” according to Cowen, the value of Bitcoin might fall by more than 47% from where it is at the moment.
Concretely, the market expert said that Bitcoin’s price might move up in the near future before “back-testing” a diagonal trendline. If this prediction comes true, the price of the most valuable cryptocurrency will be close to $12,000 in August of 2023.
Benjamin Cowen says in his Youtube video:
If it were August of 2023, like right around here [at $12,000], and it [currently] rallies on up [to $26,000] and then sort of sits up here for a while, and then comes back down and then that ends up being the bottom [at $12,000].
Additionally, according to Cowen, the 50-week moving average has in the past served as a major resistance indicator during a prolonged bear market and may soon be poised to do so once again. This occurred after the bear market had been in place for quite some time.
In other related updates, ordinals and inscriptions in Bitcoin blocks are rapidly taking up all of the available space as a result of a newly developed and rather contentious use case for Bitcoin. According to reports, this is made possible because users are able to store data on the chain in whatever way they see fit.
To sum up, Bitcoin’s price today is $23,102.15 with a 24-hour trading volume of $26,554,937,957 according to Coinmarketcap. Bitcoin is up 0.63% in the last 24 hours.