As Bitcoin (BTC) investors try to predict the leading cryptocurrency’s next move, a well-followed crypto analyst and trader, Benjamin Cowen, issues a warning of potential decline. Here is the forecast Cowen presents for BTC.
Crypto analyst and trader Benjamin Cowen states in his latest strategy session that he expects Bitcoin to possibly move between $12,000 and $35,000 for the remainder of the year. If Cowen’s prediction materializes, BTC could see a fall of over 50% from current prices to the bottom of the range, or alternatively, it could surge over 30% to the top:
My overall prediction is that Bitcoin will spend this year between $12,000 and $35,000. Of course, I could easily be wrong on this, but that’s my general forecast.
Cowen also suggests that due to the unfavorable macro environment, BTC might trade at lower levels in the second half of the year:
If Bitcoin is going to rise this year, I predict it will happen in the first half because the second half, like what we saw in 2019, will probably be a year where the narrative of a likely increased recession chance dominates. That’s why I think the second half of the year will be primarily bearish for Bitcoin.
Cowen’s forecast for the leading crypto is creating quite a stir, providing a valuable insight for investors looking to buy low and sell high throughout the year.
In addition, the analyst notes that as Bitcoin matures, the decline in its value will gradually lessen, stating, “As we transition from one cycle to the next, we would expect the losses to continually decrease. Even in pre-halving years, it will probably be beneficial to consider that we might see the losses decrease. Bitcoin could still rise and be on its way to reducing its losses, taking what happened in 2019 as a reference. We saw Bitcoin rise by 341% from its lowest level in 2018. Today, it’s up about 100% from its 2022 low.”