Bitcoin Could Rally by Double Digits and Hit 2023 High, Says Top Analyst Benjamin Cowen – But There’s a Catch
Top crypto analyst Benjamin Cowen predicts that Bitcoin could experience a surge of around 14% to reach a high of $35,000 in 2023. Cowen explains that if Bitcoin reaches this upper target, it would not bode well for altcoins as they would likely continue to struggle against Bitcoin. He adds that Bitcoin would eventually need to retrace some of its gains, causing the altcoin market to decline further and increasing Bitcoin’s dominance. Cowen attributes Bitcoin’s outperformance to the diminishing liquidity and people seeking the relative safety of Bitcoin compared to the altcoin market. While Bitcoin is not immune to falling, it is considered relatively safer.
Key points:
– Cowen predicts a 14% surge for Bitcoin, reaching $35,000 in 2023.
– Altcoins would likely struggle against Bitcoin if it reaches the upper target.
– Bitcoin would need to retrace its gains, causing the altcoin market to decline further.
– Bitcoin’s outperformance is due to diminishing liquidity and its relative safety compared to altcoins.
Hot Take: Benjamin Cowen’s analysis suggests that Bitcoin has the potential to rally significantly in the near future, reaching a high of $35,000. However, the altcoin market may suffer as a result, and Bitcoin’s dominance would continue to increase. The diminishing liquidity and the perception of Bitcoin as a safer option contribute to its outperformance. Investors should consider these factors when making investment decisions in the crypto market.
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