Cryptocurrency expert Benjamin Cowen bitcoin He warned that the price could fall further from current levels.
Posting a new video on his YouTube channel, Cowen stated that the BTC price will be traded between $12,000 and $35,000 for the rest of 2023. It is possible to say that if the analyst’s prediction comes true, there is a 50% risk of a fall in the price. However, it also has an upside 30% area.
My general prediction is that Bitcoin will spend this year in the $12,000 to $35,000 range. Of course, it’s possible to be wrong about this, but that’s my guess.
Bitcoin was trading at $27,336 at the time of writing.
Benjamin CowenAccording to , BTC price is more likely to trade lower in the second half of this year due to the negative weather.
If there is to be a rise in Bitcoin price, it is more likely to happen in the first half of the year. Because in the second half, we will be more likely to see a recession as in 2019.
That’s why I think the second half of the year will be mostly bearish for Bitcoin.NEWS CONTINUES BELOW
The crypto analyst underlined that the BTC price may gain less as it matures.
We expect diminishing returns from one cycle to the next. And even in the pre-halving years, I think it’s helpful to think that you’re probably going to see some sort of diminishing returns. Bitcoin could still go higher and still have some sort of diminishing returns compared to what I saw in 2019. Because in 2019, Bitcoin rose 341% from its 2018 low. Bitcoin has risen nearly 100% since its 2022 low.
You can follow the current price action here.