According to renowned cryptocurrency analyst Benjamin Cowen, he has predicted the future path of Bitcoin (BTC) and alternative coin markets.
During an interview with the David Lin Report, Cowen shared that Bitcoin has the potential to increase by approximately 14% and reach a 2023 high of $35,000.
Bitcoin could hit a new ATH
“My guess is that in the short term, it’s really hard to say if Bitcoin can push a little bit higher again. My high-end target would be $35,000 if it can make it there.”
Bitcoin is trading at $30,662 at time of writing.
On what will happen to altcoins if Bitcoin reaches his upper target for this year, Cowen says,
“If Bitcoin goes to $35,000, it’s not good for the altcoin market. Because the altcoin market will likely just continue to get wrecked on their Bitcoin pairs.”
He continued and said this:
“And then at some point, Bitcoin would need to come back down. I think it would have to retrace some of this move like it normally does in the pre-halving year. And then at that point, the altcoin market goes down quite a bit more and the [Bitcoin] dominance continues to go up.”
On why Bitcoin is outperforming altcoins, the top crypto analyst says the following:
“Liquidity is basically drying up and so people are basically just seeking the relative safety of Bitcoin over the altcoin market. It’s relative safety. It’s not to say that Bitcoin can’t fall, it’s to say that Bitcoin is relatively safer than the altcoin market and liquidity is drying up.”
Bitcoin could hit $100k
According to a prominent cryptocurrency analyst, Bitcoin (BTC) is anticipated to reach six figures for the very first time in the near future. Kaleo, a well-known analyst on Twitter with over 592,400 followers, predicts that Bitcoin will surpass the $100,000 mark in either late 2024 or early 2025.
“When do you think Bitcoin breaks above $100,000?
My guess is early 2025.
Wouldn’t be shocked to see late 2024. The earlier it happens, the more fun we have in 2025.”
The prediction of Bitcoin reaching six figures is based on its next halving event, projected to occur in April 2024.
The trader is carefully monitoring Bitcoin’s price movement in relation to the Nasdaq 100 index (NDX). Kaleo believes that Bitcoin is surpassing a bearish downtrend compared to the NDX, which has previously indicated the beginning of a significant surge for the cryptocurrency.
