Benzinga - Crypto analyst Benjamin Cowen has issued a cautionary prediction regarding Bitcoin‘s (CRYPTO: BTC) price, suggesting that it could eventually retrace back to the $23,000 level.
What Happened: In a video posted on YouTube, he emphasized on Bitcoin’s prolonged presence in the lower range of its price action.
#Bitcoin: Pre-Halving Year Returnshttps://t.co/pqVTIg67uM— Benjamin Cowen (@intocryptoverse) September 22, 2023
Cowen said the struggles faced by the cryptocurrency market, particularly the altcoin segment. “There’s a good chance that crypto, especially the altcoin market, is going to be struggling for the rest of the year.”
Nevertheless, he pointed out that such market conditions are not unusual, "even outside of recessions or recession scares."
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Why It Matters: Drawing attention to historical patterns, Cowen noted that Bitcoin typically experiences specific dynamics in the years leading up to its halving events – a significant reduction in the rate at which new Bitcoin is created.
"What happens with Bitcoin normally pre-having years. This time is not that great. A lot of these altcoins are down this month. The list goes on and on. Bitcoin is slightly up right now, but a lot of cryptocurrencies are actually down right now," he adds.
In another analysis, former Goldman Sachs executive macro guru Raoul Pal, on Wednesday, shared his optimistic outlook for the cryptocurrency market, referring to the current phase as "crypto spring" and anticipating an upcoming "macro spring."
Price Action: At the time of writing, BTC was trading at $26,617 down 1.56% in the last 24 hours, according to Benzinga Pro.
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