Analyst Predicts Devastating 8% Bitcoin Drop That Could Wreak Havoc on Altcoins

Crypto analyst Benjamin Cowen predicts an 8% Bitcoin drop from current levels that could be "devastating" for altcoins.

Cowen believes Bitcoin could fall to at least $23,000, taking out the recent lows around $25,000.

Altcoins have barely held on to valuations during Bitcoin's risky uptrend in 2022's first half.

Cowen compares potential Bitcoin price action to its drop in 2019 after topping out.

Bitcoin is currently trading around $27,270, having hit 2022 highs near $48,000 in March.