Popular crypto strategist and trader Benjamin Cowen gives explanations on how Bitcoin (BTC) will likely not end well in 2021.
Furthermore, Cowen goes on to tell his 597,000 YouTube subscribers, explaining in details.
Of course, Cowen expresses his thought on how Bitcoin is in a massive reaccumulation range.
More so, Cowen notes Bitcoin is trading within a wide range between $28,000 and $65,000 for the entire year so far.
“This is where we started, right around $28,000, $29,000…”
Also, Cowen adds.
“That was the beginning of 2021. And then so far, what have we done? Not a whole lot, right?…”
“Could we finally break out of it as we get into the end of the year? Yeah, it’s certainly possible…”
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So, Cowen continues.
“But look: I don’t think 2021 for Bitcoin is going to go down as a parabolic rally year in the…”
“sense that we spent most of the year going sideways.”
Additionally, Cowen mentions the distance between the range low and the range high, saying may look significant.
Then, Cowen goes on to debate that Bitcoin holders will be not be happy over gains of a little more than 2x.
“You take a look at what’s happened in 2021 for Bitcoin, a whole lot of nothing…”
“We’ve more or less just been in this range of approximately 130%…”
More so, Cowen explains.
“I guarantee you most Bitcoiners don’t get out of bed for a 130%.”
Lastly, Cowen then calls 2021 “The Great Accumulation Year”
Especially, for Bitcoin and then expects BTC to stretch out its bull cycle into 2022.
Furthermore, Cowen explains in details.
“I think there’s a lot of recency bias today because we’ve come up back to the top of the range…”
“Just like there was a lot of euphoria over here (Jan 2021 to March 2021). We could certainly break out here…”
Then, Cowen concludes.
“But I still think, based on all the data that I look at, that the cycle should lengthen into 2022 at…”
“the very least. And that when I look at this (2021 range), I just say, ‘You know what 2021,…”
“for the most part, has been a long reaccumulation year.’”
