- Benjamin Cowen, a well-known crypto expert, warns of a potential drop in Bitcoin’s price by over 50% in 2023.
- Cowen believes Bitcoin will likely range between $12,000 and $35,000 for the rest of 2023.
- Cowen also suggests that as Bitcoin matures, it’s likely to experience gradually diminishing returns.
In a potentially worrying forecast for the cryptocurrency market, renowned crypto analyst Benjamin Cowen has warned that Bitcoin could see a significant drop in value in 2023. Cowen, who has a substantial following of 784,000 subscribers on YouTube, suggests that the world’s largest cryptocurrency by market capitalization could plummet by over 50% from its current levels.
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Cowen’s prediction is based on the potential price range that he believes Bitcoin will follow for the remainder of 2023. The crypto expert speculates that Bitcoin will oscillate between $12,000 and $35,000, indicating a volatile market scenario. If Cowen’s prediction comes true, the fall to the bottom of this range would represent a decline of more than half from its current price, while a rise to the top of the range would still signify an appreciation of over 30%.
The latter half of 2023 could see Bitcoin trading lower, according to Cowen. He expects the scenario to resemble that of 2019 when the narrative was heavily influenced by the increasing probability of a recession. In a year of two contrasting halves, any push for higher Bitcoin prices is more likely to occur in the first half, while the second half could mostly see a downturn for the digital currency.
As Bitcoin matures, diminishing returns could become a prominent trend, Cowen suggests. He predicts that Bitcoin will post gradually decreasing price gains, a pattern that has been evident even in the pre-halving years. Despite the possibility of diminishing returns, Bitcoin can still push higher, Cowen contends, but the level of growth will be less significant than in previous cycles. For instance, Bitcoin’s value soared by 341% from its 2018 low to 2019, but the rise from the 2022 low has been around 100% so far.
However, it’s important to remember that market predictions, while based on careful analysis and expert insight, are not infallible. The future of Bitcoin, as with any asset, is fundamentally uncertain and dependent on a myriad of factors, many of which are unpredictable or beyond the control of investors. Market sentiment, regulatory developments, technological advances, macroeconomic conditions, and even unexpected global events can all influence the trajectory of Bitcoin’s price.
As such, while Cowen’s prediction may seem bleak, it’s only one possible outcome among many. Despite the looming possibility of a downturn, Bitcoin also retains the potential for significant growth. The coming years may witness both troughs and peaks, and Bitcoin’s inherent volatility means that large price swings, both upwards and downwards, are par for the course.
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