Bitcoin Faces Devastating 50% Plunge, Warns Analyst Benjamin Cowen
Renowned crypto strategist Benjamin Cowen issues a warning that Bitcoin (BTC) could potentially experience a further decline below its current levels.
Cowen suggests that throughout the remainder of 2023, Bitcoin is likely to trade within the range of $12,000 to $35,000.
If Cowen’s analysis holds true, BTC may witness a decrease of more than 50% from its current prices, reaching the lower end of the projected range. On the other hand, it could also appreciate by over 30% to reach the upper end.
Based on his speculations, Cowen believes that Bitcoin will likely fluctuate between $12,000 and $35,000 for the duration of this year. He acknowledges the possibility of being incorrect but offers this as a general suggestion.
According to Cowen, negative market sentiment is expected to contribute to a potential downturn in Bitcoin’s performance during the second half of the year.
Cowen anticipates that if Bitcoin were to see an increase in value this year, it would likely occur in the first half, similar to what was observed in 2019. Conversely, he believes the second half of the year will predominantly see a decline for Bitcoin, with the narrative surrounding an increased likelihood of a recession.
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As Bitcoin matures, Cowen predicts that the flagship cryptocurrency is likely to experience diminishing returns in terms of price gains. He suggests that returns will gradually decrease from one market cycle to the next, even in the years leading up to the halving event. While Bitcoin may still rise, it is expected to exhibit diminishing returns compared to the significant growth seen in 2019.
In that year, Bitcoin surged by approximately 341% from its 2018 low. By contrast, from its lowest point in 2022, Bitcoin has experienced an increase of around 100% or thereabouts.
At the time of writing, Bitcoin is trading at a value of $27,336.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
