Crypto Analyst Expects Bitcoin Downturn To $23K, Altcoin Market Braces For Impact
Crypto analyst Benjamin Cowen anticipates a possible downturn that could take Bitcoin (CRYPTO: BTC) to a target of $23,000.
Cowen's analysis come at a time when market enthusiasts and stakeholders are keenly observing digital asset trends. Benzinga's Future of Digital Assets event on Nov. 14 promises to be a hotspot for discussions on such pivotal market movements and predictions.
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Cowen expressed concerns regarding Bitcoin's recent lows hovering around the $25,000 mark.
He anticipates that these lows will be surpassed, leading to a ripple effect that could severely impact the altcoin market.
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As for the altcoin market's precarious state, Cowen stated that it has "barely hung on to these valuations when Bitcoin has been fairly risky."
"We’ve been in an upward trend for the first half of the year," he added.
The analyst further speculated on Bitcoin's current market behavior, hinting at a potential topping pattern.
“I think there is a good chance here that this is already the topping pattern that Bitcoin’s putting in," Cowen added. Based on Bitcoin's 2019 trends, the cryptocurrency might soon breach its recent lows, with an initial target likely set around $23,000.
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