High crypto analyst Benjamin Cowen is forecasting the doubtless path forward for Bitcoin (BTC) and the altcoin markets.
In a brand new interview on the David Lin Report, Cowen says that Bitcoin may surge by round 14% from present ranges to hit 2023 excessive of $35,000.
“My guess is that within the quick time period, it’s actually onerous to say if Bitcoin can push a bit of bit larger once more. My high-end goal can be $35,000 if it could actually make it there.”
Bitcoin is buying and selling at $30,662 at time of writing.
On what’s going to occur to altcoins if Bitcoin reaches his higher goal for this yr, Cowen says,
“If Bitcoin goes to $35,000, it’s not good for the altcoin market. As a result of the altcoin market will doubtless simply proceed to get wrecked on their Bitcoin pairs.
After which sooner or later, Bitcoin would wish to come back again down. I believe it must retrace a few of this transfer prefer it usually does within the pre-halving yr. After which at that time, the altcoin market goes down fairly a bit extra and the [Bitcoin] dominance continues to go up.”
On why Bitcoin is outperforming altcoins, the highest crypto analyst says,
“Liquidity is mainly drying up and so persons are mainly simply searching for the relative security of Bitcoin over the altcoin market. It’s relative security. It’s to not say that Bitcoin can’t fall, it’s to say that Bitcoin is comparatively safer than the altcoin market and liquidity is drying up.”
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