Top crypto analyst Benjamin Cowen is forecasting the likely path ahead for Bitcoin (BTC) and the altcoin markets.
In a new interview on the David Lin Report, Cowen says that Bitcoin could surge by around 14% from current levels to hit 2023 high of $35,000.
“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.
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,
“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.”