Popular crypto analyst Benjamin Cowen warns that Bitcoin (BTC) could fall further from current levels.
Crypto Analyst Benjamin Cowen Warns Bitcoin (BTC) Could Drop More Than 50% From Current Levels
In a recent update, Cowen told his 784,000 YouTube subscribers that Bitcoin will likely hover in the $12,000 to $35,000 price range for the rest of 2023.
If Cowen's prediction comes true, BTC could drop another 50% from the current price. At the same time, it could rise above 30% to the top of the range.
“My general prediction is that Bitcoin will spend this year in the $12,000 to $35,000 range,” Cowen said in a post.
Bitcoin was trading at $27,336 at the time of this writing. According to Cowen, Bitcoin is likely to trade lower in the second half of this year due to adverse conditions.
“If bitcoin is going to rise this year, I predict it will happen in the first half of the year because the second half of the year will probably be more of a narrative of really increasing recession probabilities, just as we saw in 2019…
That's why I think the second half of the year will be mostly down for Bitcoin," he said.
The crypto strategist also says that as Bitcoin matures, the leading digital asset will register gradually decreasing price increases.
“We expect diminishing returns from one cycle to the next. Even in the pre-halving years, I think it's helpful to think that you're probably going to see some sort of diminishing returns.
Bitcoin could still go higher and still have some sort of diminishing returns compared to what I saw in 2019.
Because in 2019, Bitcoin rose 341% from its 2018 low. Bitcoin has risen nearly 100% since its 2022 low.”
*Not investment advice.