Renowned Crypto Strategist Benjamin Cowen Issues Warning: Bitcoin (BTC) Could Sink Below Current Levels.
In his latest video update, Cowen, with a subscriber base of 784,000 on YouTube, predicts a potential price range of $12,000 to $35,000 for Bitcoin throughout the remainder of 2023.
If Cowen’s forecast holds true, Bitcoin (BTC) may experience a decline exceeding 50% from current price levels, reaching the lower end of the projected range. Conversely, there is also the possibility of BTC appreciating by more than 30%, surging towards the upper boundary of the estimated range.
“My general speculation is that Bitcoin spends the duration of this year within the bounds of $12,000 to $35,000 is my best guess.
Of course, I could easily be wrong on that. But if you want to be my guest, that is what I would generally suggest.”
Bitcoin is trading at $27,309 at time of writing.
According to Cowen, Bitcoin is likely to trade lower during the second half of this year amid negative sentiment.
“If Bitcoin is to push higher this year, I would imagine it would occur during the first half of the year as the second half of the year, just like we saw in 2019, is likely going to be more so a narrative related to recession probabilities actually going up…
And so the second half of the year, I think, will again mostly be down for Bitcoin.”
According to the crypto strategist, as Bitcoin continues to mature, the flagship digital asset is expected to display a diminishing trend in its price gains over time.
“We would expect diminishing returns from one cycle to another. And even in the pre-halving years, I think it’s worthwhile to consider that you’ll likely see some form of diminishing returns.
Bitcoin can still push higher and still have a form of diminishing returns compared to what I saw in 2019. Because in 2019, Bitcoin essentially went up 341% from its 2018 low. From the 2022 low, Bitcoin has gone up about 100% or so.”
Cowen further emphasizes that as Bitcoin matures, its price gains are likely to gradually decrease. These insights highlight the inherent volatility of the cryptocurrency market and underscore the importance of cautious investment strategies and continuous monitoring for those involved in the crypto space.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.