Prominent cryptocurrency analyst Benjamin Cowen has recently shared a sobering forecast on Bitcoin’s price trajectory, positing a potential dip to the $23,000 mark after the cryptocurrency traded within a specific range over the last few weeks.

In a recent video the popular analyst shared with his over 780,000 subscribers on the Google-owned video-sharing platform, Cowen underscored Bitcoin’s sustained presence at the lower levels of its range and voiced concerns over the cryptocurrency market’s current challenges, including in the altcoin space.

Per his words, odds suggest that the altcoin market is “going to be struggling for the rest of the year.” Cowen noted that such tumultuous periods are par for the course, emphasizing their occurrence is even seen “outside of recessions or recession scares.”

The analyst is basing his Bitcoin price prediction on historical patterns that suggest the flagship cryptocurrency tends to experience these drops ahead of halving events, which cut the rate of Bitcoin mined per block in half, effectively reducing its incoming supply.

According to Cowen, historical data reveals a ess-than-stellar performance for Bitcoin and other altcoins in the pre-halving phase and while BTC is mildly in the green there are several altcoins in the red.

Bitcoin’s upcoming halving event is set to occur in April 2024 and has inspired a number of bullish Bitcoin price predictions. As reported, investment research firm Fundstrat has suggested BTC could see a leap of over 500% from its current value to reach the $180,000 mark ahead of its upcoming halving.

Moreover, London-based multinational banking and financial services firm Standard Chartered has suggested that the price of the flagship cryptocurrency could surge to $50,000 this year, and could breach the $120,000 by 2024’s close in another major bullish price prediction for BTC.

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