A popular crypto analyst explained that he is not sure that his massive Bitcoin (BTC) predictions for the next year can come true.
In a new interview with InvestAnswers, widely-followed crypto trader Benjamin Cowen evaluated the predictions that Bitcoin could see an increase of over 1,000% by 2023. Cowen said he no longer believes that Bitcoin will even reach the six-digit price range in the next 18 months.
“I once wanted to believe that 2023 was going to be the year we reached these, maybe $250,000 was always too high, by 2023 I was thinking it would be $100,000 or a little more.
I’m definitely a little more skeptical of this idea now, especially since the Fed has changed so drastically in the last six months. I also track other things like social stats and check out new subscribers to crypto YouTube channels. I’ve been looking at viewer counts on this sort of thing, and they’re all downtrend right now. If people are having trouble buying gas, it will be even harder to buy Bitcoin.”
Cowen added that even if retail investors are extremely bullish on BTC, this will not be enough to push Bitcoin to $250,000 by next year.
“You still need general retail sentiment to see risky assets like Bitcoin finally hit $250,000. I’m struggling to see how we can reach a quarter of a million dollars next year, especially at a time when inflation is high. You can point to the 40s and 70s, the second peak of high inflation, during which the stock market went well. But during the initial peak, the stock market fell until inflation peaked.
Such a drop would create a huge turnaround for Bitcoin to go to a quarter of a million dollars in the next 18 months, so I would say it probably won’t get there in the next 18 months.”
Rather than a pale rally, Cowen sees a volatile and unexciting Bitcoin market for the next two years.
“I predict that we have ended this bear market for this year and then entered a phase of accumulation as we did in 2019 and 2015 and then we will gradually prepare for the next Bitcoin Halving. At this point we’ll probably see the Fed finally lower interest rates and inflation come down (if it still hasn’t).”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.