Crypto analyst Benjamin Cowen is sounding the alarm about Bitcoin (BTC), which is currently trading below $100,000. He’s warning his 850,000+ YouTube followers about a potential bearish trend.
US Treasury Yields: A Major Headwind?
Cowen points to rising yields on 10-year US Treasury bonds as a significant threat to Bitcoin’s price. He draws a parallel to the second half of 2023, when Bitcoin fell below $30,000 and remained depressed for weeks. He suggests a similar scenario could play out, leading to further price drops.
Potential Bitcoin Price Drop
Cowen predicts that if Bitcoin follows a similar pattern to 2023, a drop of up to 28% from the current price is possible. This could mean Bitcoin spending time around $88,000-$89,000 before potentially testing support at $70,000.
$100,000: The Crucial Line in the Sand
Cowen highlights $100,000 as a critical price point. If Bitcoin fails to break through this level and falls below $90,000, he believes it could mirror the performance of the S&P 500 and Russell 2000 indices, giving back recent gains. In essence, $100,000 is a make-or-break level for Bitcoin’s short-term outlook.
