Top crypto analyst Benjamin Cowen predicts the likely path for Bitcoin (BTC) and the altcoin markets.
In a new interview on the David Lin Report, Cowen say that Bitcoin could rise about 14% from its current level to reach a high of $35,000 in 2023.
“My guess is that in the near term it is very hard to say if Bitcoin can move a little bit higher again. My high end target would be $35,000 if it can get there.
Bitcoin is trading at $30,662 at the time of writing.
On what will happen to altcoins if Bitcoin hits its upper target for this year, Cowen says,
“If Bitcoin goes to $35,000, it’s not good for the altcoin market. Because the altcoin market will probably just move on with their Bitcoin pairs.
And at some point, Bitcoin should fall again. I think it should repeat some of this movement as normal in the pre-halving year. And at that point, the altcoin market goes a lot further down and the [Bitcoin] dominance continues to rise.”
On why Bitcoin is outperforming altcoins, top crypto analyst says:
“Liquidity is basically drying up and so people are really just looking for the relative safety of Bitcoin over the altcoin market. It’s relative safety. It is not to say that Bitcoin cannot fall, it is to say that Bitcoin is relatively safer than the altcoin market and liquidity is drying up.”
i
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Generated image: DreamStudio
