Bitcoin Could Rally by Double Digits and Hit 2023 High, Says Top Analyst Benjamin Cowen – But There’s a Catch

Prime crypto analyst Benjamin Cowen is forecasting the probably path forward for Bitcoin (BTC) and the altcoin markets.

In a brand new interview on the David Lin Report, Cowen says that Bitcoin might surge by round 14% from present ranges to hit 2023 excessive of $35,000.

“My guess is that within the brief time period, it’s actually onerous to say if Bitcoin can push just a little bit larger once more. My high-end goal can be $35,000 if it will probably make it there.”

Bitcoin is buying and selling at $30,662 at time of writing.

On what’s going to occur to altcoins if Bitcoin reaches his higher goal for this 12 months, Cowen says,

“If Bitcoin goes to $35,000, it’s not good for the altcoin market. As a result of the altcoin market will probably simply proceed to get wrecked on their Bitcoin pairs.

After which sooner or later, Bitcoin would wish to return again down. I believe it must retrace a few of this transfer prefer it usually does within the pre-halving 12 months. After which at that time, the altcoin market goes down fairly a bit extra and the [Bitcoin] dominance continues to go up.”

On why Bitcoin is outperforming altcoins, the highest crypto analyst says,

“Liquidity is principally drying up and so persons are principally simply in search of the relative security of Bitcoin over the altcoin market. It’s relative security. It’s to not say that Bitcoin can’t fall, it’s to say that Bitcoin is comparatively safer than the altcoin market and liquidity is drying up.”

I

Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox

Test Value Motion

Comply with us on Twitter, Facebook and Telegram

Surf The Day by day Hodl Combine

Generated Picture: DreamStudio