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Renowned cryptocurrency analyst and trader BENJAMIN COWEN has projected that Bitcoin ($BTC) could reach an astronomical price target of $200,000 in the current market cycle, contingent on specific conditions being met.
In a recent interview with KYLE CHASSE on his YouTube channel, COWEN outlined his theory, suggesting that Bitcoin might experience a 10x surge from its bottom if the market follows a “right-translated cycle,” where price peaks occur later in the cycle rather than earlier.
“If we get a right-translated cycle, Bitcoin could rise about 10x from its bottom, potentially reaching $150,000. In an ideal scenario, it might even hit $200,000. However, I don’t believe Bitcoin will reach $300,000 this cycle, though it’s likely to achieve that milestone in the future,” COWEN explained.
He emphasized that Bitcoin’s ability to hold its 2024 high of approximately $72,000 on the weekly chart is crucial for maintaining momentum toward new all-time highs. “If we can definitively hold the 2024 high and move upward, I’d become more optimistic later this year. The key concern is whether Bitcoin can sustain this level during potential pullbacks,” he added.
At the time of writing, Bitcoin is trading at $84,483, showing minimal daily fluctuation.
Source: YouTube interview with BENJAMIN COWEN.
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