Analyst Benjamin Cowen has warned of a bearish trend in the price of Bitcoin (BTC). Although the leading crypto has experienced a significant rise from 2022 lows, it may experience double-digit decreases from current levels, according to the analyst.
In a new interview with The David Lin Report, Cowen said that Bitcoin (BTC) could retest the November low of around $15,500. According to the analyst, BTC could drop by over 40%.
“I think it’s a serious case for a potential double bottom formation like it was in 2015. That’s why I think you can see such a (decline). I also think you could potentially see a few thousand dollars below the previous low…
I was expecting a potential retest of previous lows and depending on how bad the theoretical recession is you may actually see a new low…
I think we’re going to have another scare. Whether it’s a double bottom or a lower low, it’s hard to say. However, I think the maximum downside will likely be just a few thousand dollars below the current low.”
As we previously reported, former Coinbase chief technology officer Balaji Srinivasan claimed that Bitcoin (BTC) would reach $1 million in 90 days. Cowen also evaluated this estimate. The analyst thinks that the conditions necessary to trigger such a price boom are unlikely to occur this year.
“What would have to happen for Bitcoin to really rise to at least all-time highs, maybe $1 million?…
I’m assuming there may be some element of hyperinflation where people can completely lose confidence in the dollar. This development could send BTC there. But still, I don’t think this is a likely scenario for this year. I think we are much more likely to see a rapid fall in inflation in the rest of the year thanks to a recession.”
Finally, at press time, Bitcoin is trading at the dollar level.
You can check the price movements here.