As the world’s apex cryptocurrency kicks off 2022 with a dizzying collapse, analyst Benjamin Cowen says that $30,000 may be the bottom for Bitcoin.
Talking to his 693,000 YouTube subscribers, Cowen said that he has identified that level as the potential floor price for BTC as the flagship crypto tumbles over 50 percent.
“Clearly $30,000 is a big area as well. I don’t want to say there’s necessarily an absolute floor, because if you do, and it goes below it, then you have to make a new floor,” Cowen said.
However, he added that there are certain probabilities associated with the various levels holding, and obviously, the further down we go, the more likely it is we’re going to hold that price.
“I don’t want to scare anyone, but I also don’t want to say that it’s impossible that we go below $30,000, because we could. We went below $30,000 in the summer. We went below $30,000 in January,” he noted.
Cowen added that a “full-on worst-case scenario” would put Bitcoin at around $20,000.
Last week, the analyst said that Bitcoin could register higher returns than other digital assets, despite having recorded lower gains relative to altcoins in 2021.
Cowen believes that there’s a decent chance that Bitcoin could rally and outperform other cryptocurrencies, most likely during the second half of the year.
“I don’t think it’s going to happen this month or this quarter. Probably not even in Q2. But later this year, I do think there’s a decent probability that we will see some type of a rally where Bitcoin will be outperforming almost everything else,” he said.
On a lighter note, recently Cowen carried out a Twitter poll asking about Bitcoin’s outlook, most of the respondents were optimistic.
By Bibhu Pattnaik
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