Analyst Benjamin Cowen: I Don't Know What Bitcoin Will Do in the Short Term

US analyst Benjamin Cowen, who has reached an audience all over the world with his predictions in recent years, stated that he could not predict what kind of movement would come in Bitcoin in the short term. Cowen, who stated that he was wrong about the decline expectation last week, also touched upon the importance of Bitcoin exceeding its May peak in his latest video.

“It's the bears' turn to prove it…”

In his video, Cowen first mentions that there is a change in the price movement of Bitcoin and states that the group that needs to prove itself is now the bears, not the bulls:

"The peak of the rises in Bitcoin in the last year remained at a lower level than the previous peaks. Therefore, it was the bulls who had to prove whether the last rise was a real rise or a reaction rise. And the bulls proved themselves. The closing was also above the May peak. So, the order of proof has changed. The group that has to prove itself is no longer the bulls, but the bears..."

“Yes, I didn't expect it”

Repeating his mistake last week, Cowen said, "I thought there was a 65% probability that the bottom would not come. I was wrong about this, but this does not mean that there will be no drop. The May peak is about to become an important support level from now on..."

“I don't know what might happen in the short term.”

Referring to the importance of the 50-week moving average, Cowen also mentioned the difficulty of making predictions in Bitcoin in the short term:

"The market surprised me. I admit it. I don't know what Bitcoin will do in the short term. As someone who cannot predict whether the May peak will be broken, how can I claim to know what the next step will be? Rather than trying to predict what will happen in the short term, it would be a better choice for investors to be ready for every scenario. Those who prefer dollar cost averaging have gained recently. The stress of those who made DCA has also decreased. However, if Bitcoin returns to the 50-week moving average from here, this indicates that the bears are also getting stronger again."