Popular crypto strategist Benjamin Cowen warns that Bitcoin (BTC) could go even lower than current levels.
In a new update, Cowen tells his 784,000 YouTube subscribers that for the rest of 2023, Bitcoin will likely range between $12,000 to $35,000.
If Cowen’s prediction is correct, BTC could drop by over 50% from current prices to the bottom of the range. It could also appreciate by over 30% to the top of the range.
“My general speculation is that Bitcoin spends the duration of this year within the bounds of $12,000 to $35,000 is my best guess.
Of course, I could easily be wrong on that. But if you want to be my guest, that is what I would generally suggest.”
Bitcoin is trading at $27,336 at time of writing.
According to Cowen, Bitcoin is likely to trade lower during the second half of this year amid negative sentiment.
“If Bitcoin is to push higher this year, I would imagine it would occur during the first half of the year as the second half of the year, just like we saw in 2019, is likely going to be more so a narrative related to recession probabilities actually going up…
And so the second half of the year, I think, will again mostly be down for Bitcoin.”
The crypto strategist also says that as Bitcoin matures, the flagship digital asset is likely to post gradually decreasing price gains.
“We would expect diminishing returns from one cycle to another. And even in the pre-halving years, I think it’s worthwhile to consider that you’ll likely see some form of diminishing returns.
Bitcoin can still push higher and still have a form of diminishing returns compared to what I saw in 2019. Because in 2019, Bitcoin essentially went up 341% from its 2018 low. From the 2022 low, Bitcoin has gone up about 100% or so.”
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