Popular crypto strategist and trader Benjamin Cowen says he believes Bitcoin (BTC) will likely not end 2021 with a bang.
In a new strategy session, Cowen tells his 597,000 YouTube subscribers that he thinks Bitcoin is in a massive reaccumulation range. Looking at the big picture, the analyst says Bitcoin has been 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… 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. 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.”
While the distance between the range low and the range high might look significant, Cowen argues that Bitcoin holders will probably not get excited 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%. I guarantee you most Bitcoiners don’t get out of bed for a 130%.”
The trader says he calls 2021 “The Great Accumulation Year” for Bitcoin and adds that he expects BTC to stretch out its bull cycle into 2022.
“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… 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.’”
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