Financial Insights That Matter
Cryptocurrency analyst Benjamin Cowen has proposed that Bitcoin BTC/USD could potentially see a 137% increase in a perfect market scenario.
What Happened: Cowen, during his discussion with Kyle Chasse, put forth that Bitcoin could reach up to $200,000 if it is currently in a right-translated cycle. This type of market cycle is characterized by prices peaking later rather than sooner.
During the interview, Cowen inferred that in such a cycle, Bitcoin could experience a 10x increase from its lowest point, positioning it around $150,000. However, he does not anticipate Bitcoin reaching $300,000 in this cycle, even though he is confident it will eventually hit that mark.
The analyst stressed that for Bitcoin to stay on course for new all-time highs in this cycle, it needs to uphold the 2024 high of approximately $72,000 on the weekly chart. He expressed a positive outlook for later in the year if Bitcoin can sustain this level, even in the face of another pullback.
“I would say that it’s possible if we get a right translated cycle that from the bottom Bitcoin could go up about 10x or something, which would probably put it around $150,000. So I would say, in a right translated cycle my guess is that it would be anywhere from like $120,000 to like $150,000,” he said.
Also Read: This Crypto Analyst Forecasts Bitcoin’s Superiority Over Altcoins Until This Happens
“It’s possible in the perfect scenario that it could go all the way up to $200,000. I don’t think Bitcoin will hit $300,000 this cycle. I do think Bitcoin will eventually hit $300,000, but I don’t think it will be this cycle,” Cowen added.
“I would definitely become more optimistic later on this year. That’s my main concern right now, is, if there is another pullback, can we hold it? The good news is we’ve held it so far, and we actually technically we haven’t even tested it. So the good news is if there is another drop, you probably would have some bulls try to hold the line at those levels because we haven’t even tested those levels yet,” he continued.
At the time of writing, Bitcoin was trading at $84,483, with no significant change on the day.
Why It Matters: Cowen’s predictions come at a time when Bitcoin’s performance is under intense scrutiny. The cryptocurrency’s ability to maintain a high weekly chart, as Cowen suggests, could be a key determinant of its future trajectory.
His forecast of a potential 137% surge under ideal conditions underscores the volatile and unpredictable nature of the crypto market. However, it also highlights the immense potential for growth that Bitcoin holds, reinforcing its appeal to investors.
Despite the lack of a specific timeline for when Bitcoin might hit the $300,000 mark, Cowen’s optimism provides a positive outlook for the cryptocurrency’s long-term performance.
Read Next
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Image: Shutterstock/Bukhta Yurii
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