Benjamin Cowen Looks Into Bitcoin And Updates His Outlook

According to top crypto analyst and analyst Benjamin Cowen, traders should consider one factor when looking at BTC’s chart, in the aftermath of Bitcoin breaking new all-time highs above the $68,000.

In a recent video, Cowen shared his 600,000 YouTube subscribers that while Bitcoin already put in an all-time high (ATH) late last month, this week’s record breaking represents the first true record high since April when taking the US dollar money supply (M2) into account.

According to the analyst, the amount of US dollars in circulation should be considered when trying to predict the future price of Bitcoin. As the USD supply is rapidly expanding it would point to the direction that BTC might have more bullish potential than many understand.

“The whole idea is, you might as well take into account the money supply. Because we know if trillions are being printed… then perhaps we should consider that in what is theoretically obtainable for Bitcoin.

Maybe that means it can push even higher because we have a lot more money in the system. If everyone’s going to get an ‘altcoin’ USD [US dollar] airdrop of $1,200 way back when, then we should consider that some of those people might go buy Bitcoin with it.

Bitcoin has now put in a new all-time high when accounting for the money supply.”

Cowen points out that while it might be easy to predict Bitcoin going to $100,000 without giving a specific timeline, he expects it will break the six-figure mark during this bull cycle.

“The general direction is up. I do believe Bitcoin will make it to $100,000. I do believe it will make it there this market cycle.

I don’t think we have to wait many years for Bitcoin to make it to $100,000 at this point. I would think we would make it there this market cycle.

But I also would say I think we’re going to go above $100,000. I don’t even think $100,000 is the top.”