Cryptocurrency analyst Benjamin Cowen voiced his fears that Bitcoin (BTC) could plunge even further from its current levels despite the rally it has seen since the end of 2022. During an interview on the David Lin Report, Cowen said that there is a huge probability of Bitcoin retesting the November low of around $15,500. He further predicted that the cryptocurrency could fall even further by a few thousand dollars.

The analyst even went so far as to suggest that the maximum drop could require Bitcoin to suffer a double bottom like it did back in 2015. Cowen called for caution from the investors saying that one more scare is likely on the way. At the time of writing, Bitcoin is trading at a comfortable $28,359.

Interestingly, Cowen commented on the million dollar bet of Balaji Srinivasan, the former Coinbase chief technology officer, that Bitcoin would cross the seven figure mark in the upcoming 90 days. Cowen acknowledged the plausibility of the bet but seemed to suggest it was not the most likely scenario. He posited that a lot of investment in the cryptocurrency would require the world witnessing a situation of hyperinflation of the U.S. dollar, an event which is less likely to occur in the current year.

The analyst did, however, point out that a recession could trigger a session of rapid disinflation across the world. This could bode favorably for the mainstream adoption of cryptocurrency and lead to an increase in the price of Bitcoin. Therefore, while Cowen cautions against the likelihood of a highly profitable run this year, he is not completely discounting the option.



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