Cryptocurrency analyst names possible reasons for bitcoin’s fall to $ 12,000

Editor’s note: not financial advice!

Cryptocurrency analyst Benjamin Cowen said that the bitcoin rate will drop to $ 12,000 by the end of 2023. He considers this assumption to be the most accurate, but emphasized that he could be wrong.

According to the analyst, the reason for the rapid decline in the value of BTC $56,050.60 Bitcoin -2.01% Market capitalization $1.11 trillion VOL. 24 hours $4.29 billion will be negative market sentiment related to the possibility of a recession. Cowen also drew attention to the downward trend in the asset’s profitability. The expert is convinced that this will continue in the future.

In addition, amid the fall in the value of BTC, Benjamin Cowen believes in the growth of other cryptocurrencies. «A lot of the information I talk about is related to my predictions about the increasing dominance of bitcoin. However, I always say that there are several altcoins that have a great chance of growth. It is worth paying attention to Chainlink, which will prove itself very soon,» the analyst shared his point of view.

In March of this year, Cowen predicted price fluctuations in BTC based on historical data for 2015 and 2019. In his opinion, both bears and bulls are likely to fail in 2023 due to volatility. In the same month, the expert called the easing of the US Federal Reserve’s monetary policy a condition for the onset of a bullish crypto market.