Bitcoin might be in for a rough ride until the end of next year, according to popular crypto analyst Benjamin Cowen.
Bitcoin’s Bearish Outlook
Cowen, who has over 800,000 YouTube subscribers, believes Bitcoin’s price could continue to drop until the end of 2024. He’s basing this prediction on Bitcoin’s recent price patterns and the Federal Reserve’s (Fed) expected interest rate cuts.
The Fed’s Role
Cowen thinks Bitcoin’s bullish reversal hinges on the Fed slashing interest rates by at least 75 basis points. The Fed is expected to start cutting rates in September. However, Cowen says there’s a chance Bitcoin could bounce back sooner if the Fed cuts rates more aggressively than anticipated.
Two Possible Scenarios
Cowen outlines two possible scenarios:
- Optimistic Scenario: If the Fed cuts rates significantly, Bitcoin’s downtrend could end as early as September.
- Moderate Scenario:
If the Fed takes a more gradual approach to rate cuts, Bitcoin’s bullish reversal might not happen until the end of 2024.
Bottom Line
While Bitcoin’s current price is up slightly, Cowen’s prediction suggests investors should brace themselves for potential continued bearish price action in the near future.
Disclaimer:
This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions. /p>
