Popular analyst Benjamin Cowen told his 785,000 followers on YouTube that now is the time to wait for a full-fledged Bitcoin (BTC) and crypto market. According to the analyst, there is a risk of a new “quiet summer” in Bitcoin. Cowen states that in both April 2021 and 2022, BTC saw local highs, followed by a downtrend that continued for more than one month.
Cowen states that if this formation continues, his thesis will be confirmed. In this case, the Bitcoin price will not be completely freed from the bear market by the end of this year or early next year.
“In general, I can say that we can spend a new quiet summer period. There will be ups and downs between certain levels here. Then there will be a rally preparation towards the halving year. This is my general opinion. I said this openly a long time ago. Because the recovery years are very tiring for both sides (bull and bear). Congratulations to both sides. My general expectation for the rest of the year is for the price to start falling again.“
Cowen says the US economy is now at risk of recession. So the time to be optimistic again for Bitcoin and crypto will probably be late 2023 or early 2024. In this period, the concerns of economic decline will either disappear or decrease very much.