Cryptoanalyst Benjamin Cowen Warns Bitcoin (BTC) Poised For ‘One More Scare’ – Here Are His Targets

by Arthur · March 30, 2023

Analyst Benjamin Cowen believes Bitcoin (BTC) could crash by double digits from current levels despite a significant recovery from the 2022 lows.

In a new interview on The David Lin Report, Cowen says that Bitcoin could either retest the November lows of around $15,500, a correction of over 40%, or fall even further.

“I think it’s a serious matter to make a potential double bottom like we had in 2015. So I think you could see something like that. I also think you could potentially see a slightly lower low, potentially a few thousand dollars below the previous low…

I would look towards a potential retest of the previous lows, and depending on how bad a theoretical recession is, you could actually see a new low…

I think we’re going to have another scare. Whether it is a double bottom, lower low, is difficult to say.

But I think the maximum downside is likely to be only a few thousand dollars below today’s low.”

Bitcoin is trading at $28,359 at the time of writing.

On former Coinbase CTO Balaji Srinivasan’s $1 million bet that Bitcoin will hit seven figures in 90 days, Cowen says the conditions necessary to trigger such a price explosion are unlikely to materialize this year.

“What needs to happen for Bitcoin to really grow to, let’s say at least new records, maybe not $1 million? …

I imagine you would have some elements of hyperinflation where people could simply lose confidence in the US dollar. Can send it there.

But again, I don’t think that’s a likely scenario for this year. I think it is much more likely that we will see rapid disinflation thanks to a recession in the back half of the year.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox

Check price action

Follow us on TwitterFacebook and Telegram

Surf The Daily Hodl Mix