Bitcoin Price Prediction: BTC Price On The Verge Of 50% Drop

The post Bitcoin Price Prediction: BTC Price On The Verge Of 50% Drop appeared first on Coinpedia Fintech News

Renowned crypto analyst Benjamin Cowen has recently shared his insights in his youtube channel on Bitcoin’s future price range, suggesting significant potential fluctuations in the market. If Cowen’s prediction holds true, Bitcoin (BTC) could experience a drop of over 50% from current levels to the bottom of the range, while also potentially appreciating by over 30% to the top of the range. 

BTC to test $12k?

Cowen’s general speculation is that Bitcoin will likely trade within the bounds of $12,000 to $35,000 for the duration of this year. However, he acknowledges the inherent uncertainty and reminds investors to exercise their judgment. Investors, take this with a grain of salt. 

“Of course, I could easily be wrong on that. But if you want to be my guest, that is what I would generally suggest.”

Q3 Will Be The True Game Changer 

According to the analyst, Bitcoin is expected to trade lower during the second half of this year, largely influenced by negative market sentiment and the narrative surrounding increasing recession probabilities. He suggests that any significant upward movement may occur during the first half of the year.

Related: Crypto Market Outlook: Expert Predicts Bitcoin & Major Altcoins To Rebound In 2023 Q3 – Coinpedia Fintech News

Diminishing Returns as Bitcoin Matures

As Bitcoin matures as a flagship digital asset, he predicts gradually decreasing price gains. He highlights the concept of diminishing returns from one market cycle to another, emphasizing that even in the pre-halving years, investors should anticipate some form of diminishing returns. However, he notes that Bitcoin can still experience upward movement, albeit with a form of diminishing returns compared to previous milestones.

Bitcoin’s future

Drawing the parallel he said, In 2019, Bitcoin witnessed a remarkable 341% surge from its 2018 low. Comparatively, since its 2022 low, Bitcoin has seen an increase of approximately 100%. These figures provide insights into Bitcoin’s historical performance and highlight the potential for more measured price gains as the cryptocurrency continues to mature.

Also Read: Bitcoin Price Prediction 2023, 2024, 2025, 2026 – 2030

At the time of writing, Bitcoin is trading at $27,336, setting the context for Cowen’s analysis and potential price movements.

Overall his analysis offers valuable insights into Bitcoin’s potential price volatility. While the estimated range provides a framework for possible scenarios, investors should approach these predictions cautiously, considering the cryptocurrency market’s inherent unpredictability.