Analyst Benjamin Cowen is predicting a potential Bitcoin price drop in early 2025. His prediction is based on historical patterns following Bitcoin’s halving events.
A January Dip?
Cowen points out that in the two previous post-halving years, Bitcoin experienced a significant correction in January. In both 2017 and 2021, the price dropped by around 30%. He acknowledges that December 2024 already saw a price decrease of about 15%, suggesting that the typical January correction might have already begun.
However, Cowen offers a counterargument. He notes that in previous years, Bitcoin’s price was rising in December before the January drop. This time, the price decline started earlier. This could mean the market is anticipating the January correction, thus preemptively driving the price down. A 30% drop from the current price would place Bitcoin near its 20-week moving average.
Other Factors at Play
Cowen also suggests that the recent rise in 10-year US Treasury yields might be another factor contributing to Bitcoin’s price decrease. He highlights that the current yield levels are unprecedented at this point in Bitcoin’s history, potentially hindering further price increases.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at approximately $94,584, up slightly in the last 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions./p>
