Analyst Benjamin Cowen predicted that bitcoin will fall by 47%

Cryptocurrency analyst Benjamin Cowen has set a target price for bitcoin if it collapses. As Cowen told his YouTube subscribers, in the worst-case scenario, BTC $55,950.57 Bitcoin -1.42% Market capitalization $1.1 trillion VOL. 24 hours $2.64 billion could fall by more than 47% of its current value.

According to the expert, bitcoin will grow in the coming months and then «test» the diagonal trend line, dropping to $ 12,000 in August 2023. In addition, Cowen believes that there is a cryptocurrency that can rise in value above bitcoin. «A lot of the information I talk about is about my predictions for bitcoin’s increasing dominance. However, I always say that there are several altcoins that will outperform BTC, even if its dominance is growing now. It is worth paying attention to Chainlink, which will prove itself very soon,» the analyst shared his opinion.

In December 2022, Cowen predicted that Cardano (ADA) could fall significantly during a bear market before reaching its bottom. At the time, the analyst said in his video that Cardano could be one bear market cycle behind Ethereum, which fell by about 95% during its first bear market. «If ADA, let’s say, suffers smaller losses in the current bearish cycle, and let’s assume that instead of falling by 98%, it is only one cycle behind Ethereum, we can conclude that ADA will fall by 94% or 95% of ATN,» the expert explained. However, the predicted collapse of Cardano did not occur — the token is currently trading at $ 0.386.

It is worth reminding that ARK Invest analysts called the growth of the BTC to $ 258,000 the «worst-case scenario.» According to the investment company’s analysts, the bearish price target for BTC is $ 258,500, the base price target is $ 682,800, and the bullish price target is $ 1.48 million.