Bitcoin Could Drop by Over 50% From Current Levels, Warns Crypto Analyst Benjamin Cowen – Here’s the Timeline
Common crypto strategist Benjamin Cowen warns that Bitcoin (BTC) might go even decrease than present ranges.
In a brand new replace, Cowen tells his 784,000 YouTube subscribers that for the remainder of 2023, Bitcoin will doubtless vary between $12,000 to $35,000.
If Cowen’s prediction is appropriate, BTC might drop by over 50% from present costs to the underside of the vary. It might additionally admire by over 30% to the high quality.
“My common hypothesis is that Bitcoin spends the period of this yr throughout the bounds of $12,000 to $35,000 is my greatest guess.
In fact, I might simply be incorrect on that. However if you wish to be my visitor, that’s what I might usually recommend.”
Bitcoin is buying and selling at $27,336 at time of writing.
Based on Cowen, Bitcoin is prone to commerce decrease in the course of the second half of this yr amid damaging sentiment.
“If Bitcoin is to push increased this yr, I might think about it will happen in the course of the first half of the yr because the second half of the yr, similar to we noticed in 2019, is probably going going to be extra so a story associated to recession possibilities really going up…
And so the second half of the yr, I believe, will once more largely be down for Bitcoin.”
The crypto strategist additionally says that as Bitcoin matures, the flagship digital asset is prone to submit step by step lowering value features.
“We’d anticipate diminishing returns from one cycle to a different. And even within the pre-halving years, I believe it’s worthwhile to think about that you just’ll doubtless see some type of diminishing returns.
Bitcoin can nonetheless push increased and nonetheless have a type of diminishing returns in comparison with what I noticed in 2019. As a result of in 2019, Bitcoin primarily went up 341% from its 2018 low. From the 2022 low, Bitcoin has gone up about 100% or so.”
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