Cryptocurrency analyst predicts bitcoin will fall to $ 23,000

Renowned cryptocurrency analyst Benjamin Cowen has shared his new forecast for the trajectory of bitcoin. The expert suggested that after a few weeks of trading in a narrow range, the price of BTC $93,504.25 Bitcoin -2.52% Market capitalization $1.85 trillion VOL. 24 hours $2.97 billion could fall to $ 23,000.

In a recent YouTube video, Cowen emphasized that bitcoin continues to trade at the lower end of the range and expressed concern about the current problems of the cryptocurrency market. The analyst’s forecast is based on historical patterns, according to which the price of the flagship cryptocurrency usually drops significantly before halving. According to Cowen, the data of previous cycles indicate that BTC and other cryptocurrencies do not perform too well at the stage preceding an important event.

However, Cowen’s expectations do not negate a number of bullish forecasts made by the analyst himself and a number of other well-known members of the crypto community and companies. Research company Fundstrat suggested that amid the halving, the price of BTC could jump by more than 500% compared to its current value and reach $ 180,000. And Standard Chartered, which specializes in banking and financial services, suggested that the price of the market’s flagship this year could reach $ 120,000 by the end of 2024.

A similar view is shared by Bloomberg analyst Mike McGlone, who recently stated that bitcoin is facing problems due to the tightening of the US Central Bank’s monetary policy. In his opinion, BTC is «in the process of reversal,» which could result in a drop in the value of the asset by more than 5% compared to the current level.

Matrixport analysts have a different opinion, expecting BTC to rise to $ 37,000 by the end of this year. According to the researchers, the last quarter of the year is considered to be a rather successful period for the flagship cryptocurrency from a historical point of view. If we evaluate the dynamics of bitcoin over the past 9 years, the digital asset gained 35% on average in the fourth quarter of the year.