Crypto Analyst Expects Bitcoin Downturn To $23K, Altcoin Market Braces For Impact

Zinger Key Points
  • The altcoin market may face significant impact if Bitcoin surpasses its recent lows.
  • Bitcoin's current behavior hints at a possible topping pattern, according to the analyst.

Crypto analyst Benjamin Cowen anticipates a possible downturn that could take Bitcoin BTC/USD 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.

Also Read: Crypto VC Funding Continues To Drop Sharply In Q3 - Is the Crypto Winter Here To Stay?

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.

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.

Read Next: Crypto Whales Offload Over $8.5B Worth Of ETH; Analyst Eyes Critical Price Level

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