Bitcoin Price Prediction: Bitcoin will drop in 2023
Benjamin Cowen says that BTC is going to see a big move in 2023 that will scare a lot of people. He predicts that Bitcoin is going to drop in price later this year and induce panic selling.
Why Benjamin Cowen predicts a BTC crash in 2023
Benjamin Cowen, founder and editor-in-chief of Into The Cryptoverse, is known for his rigorous and scientific approach to cryptocurrency market analysis.
Following the Ether (ETH) prediction, Cowen shared in a recent video, a fascinating analysis of the current market situation and his predictions for bitcoin. He stated that Bitcoin (BTC) will make a big move this year that will frighten a lot of people.
According to Benjamin Cowen, the recent rise in the price of bitcoin, which has predicted an increase in the price of bitcoin to $100,000, is largely due to an influx of liquidity from the altcoin market into BTC.
However, he predicts that when that liquidity dries up, the price of Bitcoin will fall. In fact, he expects BTC to fall back down later this year, which will scare off many individuals.
Why investors shouldn’t panic
While the expected decline of Bitcoin in 2023 has some investors worried, Benjamin Cowen encourages people not to panic.
In his opinion, this decline would be completely normal and should not discourage investors in the long run. He compares this situation to 2015 and 2019, when the price of BTC also fell before quickly recovering.
According to Benjamin Cowen, investors should use this opportunity to strengthen their position before the next halving instead.
He also points out that interest rates have never been higher. However, the Fed will not be able to keep raising them indefinitely. So when quantitative easing starts up again, that will be a real argument in favor of Bitcoin.
Furthermore, Benjamin Cowen points to recent events in the banking sector. Indeed, in the United States, three financial institutions that catered to companies in the technology and cryptocurrency sectors went bankrupt.
This economic turmoil has hit even Credit Suisse hard. Its rival UBS had to bail it out by buying its shares to avoid the collapse.
Faced with this situation, many investors are gradually turning to bitcoin. For Cowen, these events are all arguments in favor of cryptocurrencies. He believes that they offer a credible alternative to traditional currencies. Especially in countries with high inflation, such as Argentina.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.