- Prominent cryptocurrency analyst Benjamin Cowen makes a bullish Bitcoin price prediction.
- The analyst is forecasting a potential upclimb in Bitcoin’s price that could lead to the asset hitting an all-time high in 2023.
As the cryptocurrency market fluctuates in value, market sentiments have continued to sway between the positives and negatives. To introduce more clarity, a key player in the market is sharing insights into the potential future of certain leading assets.
According to analyst Benjamin Cowen, Bitcoin’s next move is hard to predict. The analyst shares a similar sentiment with others who remain uncertain about how high Bitcoin can go, especially because the asset has consistently failed to sustain momentum above the $30,000 price.
However, Cowen is open to the possibility of Bitcoin’s price hitting new levels. His biggest bet is that Bitcoin will tap the $35,000 price level.
“My guess is that in the short term, it’s really hard to say if Bitcoin can push a little bit higher again. My high-end target would be $35,000 if it can make it there.” Benjamin Cowen remarked.
Bitcoin (BTC) attempts to make a comeback after losing momentum above $30,000
It is worth noting that a hike in Bitcoin’s price could be harmful to other alternative crypto assets in the market. According to the analyst, altcoins do not stand a chance if Bitcoin surges higher because their Bitcoin pairs could suffer from volatility. For altcoins to remain afloat, the bears must pull Bitcoin down to a lower price point. The analyst added that the cycle might continue to repeat itself in the long run.
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“If Bitcoin goes to $35,000, it’s not good for the altcoin market. Because the altcoin market will likely just continue to get wrecked on their Bitcoin pairs. And then, at some point, Bitcoin would need to come back down. I think it would have to retrace some of this move like it normally does in the pre-halving year. And then at that point, the altcoin market goes down quite a bit more, and the [Bitcoin] dominance continues to go up.” The analyst asserted.
Meanwhile, Cowen insists that Bitcoin is in-demand because market players seek a safer option outside altcoins. It is worth noting that Bitcoin might only sometimes remain safe, but with liquidity drying up, the big bull presents a more promising alternative.
“Liquidity is basically drying up, and so people are basically just seeking the relative safety of Bitcoin over the altcoin market. It’s relative safety. It’s not to say that Bitcoin can’t fall; it’s to say that Bitcoin is relatively safer than the altcoin market, and liquidity is drying up.” Cowen explained.
According to our data, Bitcoin is currently trading at $30,461 at press time. Notably, the asset is already correcting losses from the last 24 hours.
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