Bitcoin Could Fall Over 50% From Current Levels, Crypto Analyst Benjamin Cowen Warns, Here’s The Timeline

[ad_1]

Popular crypto strategist Benjamin Cowen warns that Bitcoin (BTC) could drop even lower than current levels.

In a new update, Cowen tells his 784,000 YouTube subscribers that for the remainder of 2023, Bitcoin will likely range between $12,000 and $35,000.

If Cowen’s prediction is correct, BTC could drop more than 50% from current prices at the bottom of the range. It could also appreciate by more than 30% towards the top of the range.

“My general speculation is that Bitcoin moves this year’s span in the $12,000 range to $35,000 is my best guess.

Of course, I could easily be wrong about this. But if you want to be my guest, that’s what I would generally suggest.

Bitcoin is trading at $27,336 at the time of writing.

According to Cowen, Bitcoin is likely to trade lower in the second half of this year amid negative sentiment.

“If Bitcoin is to push higher this year, I imagine it would happen in the first half, because the second half, just like we saw in 2019, is likely to be more of a recession-related narrative. the odds actually increase

And so the second half of the year, I think, will be mostly down again for Bitcoin.

The crypto strategist also says that as Bitcoin matures, the flagship digital asset is likely to show gradually diminishing price gains.

“We would expect diminishing returns from cycle to cycle. And even in the years leading up to the halving, I think it’s worth considering that you’re likely to see some form of diminishing returns.

Bitcoin can still push higher and still have a form of diminishing returns from what I saw in 2019. Because in 2019 Bitcoin was essentially up 341% from its 2018 low. Since the most 2022 low, Bitcoin is up around 100% or so.

I

Don’t miss a beat Subscribe to receive crypto email alerts straight to your inbox Check price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Generated Image: Midjourney

[ad_2]