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Top Crypto Analyst Turns Skeptical About Big Bitcoin (BTC) Price Predictions for 2023 — Here’s Why

A well-known crypto analyst says he doubts that massive Bitcoin (BTC)-Forecasts for the next year could come true.
In a new interview on InvestAnswers, popular crypto trader Benjamin Cowen comments on a prediction that Bitcoin could surge over 1,000% from current prices by 2023.

late last month, Venture capital investor Tim Draper predicted that Bitcoin will hit $250,000 in the next year.

Cowen no longer believes Bitcoin could even reach the six-digit price range in the next 18 months.

“Once upon a time, I would have liked to think that 2023 would have been the year that we achieved that, maybe $250,000 was always too high, I was thinking more like $100,000 or so by 2023.

Now I’m certainly a bit more skeptical about that idea, especially since the Fed has pivoted so much over the past six months and just gone in the complete opposite direction.

I also look at other things like social stats and I follow new subscribers to crypto YouTube channels. I’m looking at viewership for this type of thing and it’s all on a downtrend right now. If people are having a hard time buying gas, it will be even harder for people to buy bitcoin.”

Cowen says that even if retail investors become extremely bullish on BTC, it may not be enough to propel Bitcoin to $250,000 by next year.

“You still need a really high overall retail sentiment to see risk assets like Bitcoin eventually rally to $250,000. I can’t imagine how we’re going to hit a quarter of a million dollars next year, especially in high times inflation. You can point to the 1940s and 1970s, the second peak of high inflation, the stock market was doing well. But during the first peak, the stock market fell until inflation peaked.

That would be a huge turnaround for Bitcoin to go to a quarter of a million [dollars] in the next 18 months, so I’d say I probably won’t make it in the next 18 months.”

Instead of a monumental rally, Cowen sees a choppy and unexciting bitcoin market over the next two years.

“I see how we do this bear market end sometime this year and then enter an accumulation phase like we did in 2019 and 2015 and then we’re just slowly getting ready for the next bitcoin halving and at that point you’re probably seeing the Fed finally raising interest rates and hopefully inflation will come back down if it hasn’t already.”


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Featured image: Shutterstock/Mia Stendal

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Source: Crypto News Deutsch

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