Popular crypto strategist Benjamin Cowen warns that Bitcoin (BTC) could go even lower than current levels.
In a new update, Cowen tells are 784,000 YouTube subscribers that Bitcoin is likely to range between $12,000 and $35,000 for the remainder of 2023.
If Cowen’s prediction is correct, BTC could drop more than 50% from current prices to the lower end of the range. It could also rise more than 30% to the top of the range.
“My general speculation is that Bitcoin will spend this year in the range of $12,000 to $35,000 is my best guess.
Of course I could easily be mistaken about that. But if you want to be my guest I would generally recommend that.
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 move higher this year, I would imagine it will be in the first half of the year as the second half of the year, just like we saw in 2019, will likely be more of a story related to a recession. probability increases…
And so the second half of the year, I think, will again be largely about Bitcoin.”
The crypto strategist also says that as Bitcoin matures, the flagship digital asset is likely to post gradually diminishing price gains.
“We would expect diminishing returns from one cycle to the next. 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 go higher and still has some form of diminishing returns compared to what I saw in 2019. Because Bitcoin is essentially up 341% in 2019 from its 2018 low. From its 2022 low, Bitcoin is up about 100%.”
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