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