HomeBitcoinHow Low Can Bitcoin Go?

How Low Can Bitcoin Go?

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Several observers, like Benjamin Cowen, predict that the price of Bitcoin reached a low of roughly $30,000. It marks the beginning of the world’s most popular cryptocurrency’s precipitous downhill trend, expected to begin in 2022.

Cowen claims that figure as the Bitcoin cryptocurrency floor price if the primary cryptocurrency falls more than 50% from current levels.

To borrow from Cowen’s definition, a budget of $30,000 is a significant sum of money to spend. He is hesitant to assert that there is a universally valid level. Due to his apprehension, if the floor falls below that level, he’s forced to create a new level from scratch.

Price levels that remain constant have variable possibilities of occurrence. Nonetheless, the lower we go in price range, the more likely we will keep that price level in the future.

He does not want to scare them. But he doesn’t want to create the notion they can’t go below $30,000, which they can. This resulted in a fall in income to less than $30,000 per month throughout the summer months of 2011. In January, they fell below the $30,000 mark for the first time in nearly two years. 

According to Cowen, in the worst-case scenario, the bitcoin value would be approximately $20,000 at writing this piece. 

In an update to his previous declaration, the expert stated that, although seeing lower annualized growth than altcoins in 2021. Bitcoin cryptocurrency will nevertheless provide greater returns than other digital assets. 

Bitcoin’s Value Prediction

According to Cowen, the second half of the year will be the most likely moment for Bitcoin’s value to rise and outperform the rest of the cryptocurrency industry.  

He predicts that nothing of the such will occur within the next month or perhaps within the next three months. Not even in the second quarter; it isn’t very sure to happen. The fact that he expects Bitcoin cryptocurrency to beat the rest of the market later this year implies that he is correct in assessing the likelihood of this occurring in the future. 

In a recent Cowen Twitter survey, they asked respondents about the long-term prospects of Bitcoin, and the overwhelming majority expressed significant confidence in the digital currency’s prospects.

“The opinions Avoiced in this Cryptocurrency news article are solely those of the individuals quoted or interpretations of the author. These opinions & interpretations are not necessarily endorsed by Your Crypto Banker or its subsidiaries.”

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