Bitcoin (BTC) Price Predictions for 2023 – Here’s Why This Top Cryptocurrency Analyst Is Skeptical

A well-known cryptocurrency analyst says he doubts the massive bitcoin (BTC) predictions for next year will materialize.

In a new interview on InvestAnswers, widely followed crypto trader Benjamin Cowen offers his take on a prediction that bitcoin could rise more than 1,000% from current prices by 2023.

At the end of last month, venture capitalist Tim Draper predicted bitcoin would hit $250,000 next year.

Mr. Cowen says he no longer believes bitcoin can even hit the six-figure price range in the next 18 months.

“There was a time I would have liked to believe that 2023 would have been the year we would have reached these, maybe $250,000 would have always been too high, I was thinking more like $100,000 or something for 2023.

Today, I’m certainly a little more skeptical of that idea, especially given how the Fed has pivoted and gone in the completely opposite direction over the past six months.

I also watch other things like social stats, and follow new subscribers to crypto YouTube channels. I look at viewership on these types of things, and it’s all in a downward trend right now. If people are having trouble buying gas, that’s going to make it even harder to buy bitcoins. »

According to Cowen, even if retail investors become ultra-bullish on BTC, it might not be enough to push bitcoin to $250,000 by next year.

“It still takes general retail sentiment to be really high for risky assets like bitcoin to finally reach $250,000. I find it hard to see how we will be able to reach a quarter of a million dollars next year, especially during a period of high inflation. You can refer to the 40s and 70s, the second peaks of high inflation, the stock market did well. But during the first peak, the stock market fell until inflation peaked.

It would be a huge turnaround for bitcoin to jump to a quarter million [de dollars] in the next 18 months, so I would say it’s probably unlikely to happen in the next 18 months. »

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

“I see us sort of finalizing this bear market at some point this year and then going into an accumulation phase much like we did in 2019 and 2015 and then sort of slowly preparing for the next bitcoin halving and at that time you’ll likely see the Fed finally lower interest rates and hopefully inflation will return if it hasn’t already. »

Thomas Estimbre
Latest articles by Thomas Estimbre (see everything)

Leave a Comment