The crypto investors who were unable to invest in Bitcoin earlier this year could still have another opportunity. According to a cryptocurrency analyst, Bitcoin’s price may drop as high as 70% on the next bearish market.
Crypto analysts disagree on the future of Bitcoin. While some believe that a major bear market will be a long time coming, others are more optimistic.
“I would say maybe a 70% drawdown from whatever the all-time high ends up,” Cowen told Kyle Chasse noted in an interview that was published Thursday, that Bitcoin had experienced previous cycles of bear markets.BTCThe corresponding drawdowns are 94% (or 87%), 77% (77%), and approximately 94 percent.
“Does it have to happen? No, but you know, history would at least caution us to at least believe that it might.”
This would mean a sharp decline in value from the $250K Bitcoin
Bitcoin supporters, including BitMEX’s co-founder Arthur Hayes projected that prices would reach $250,000 this year. A 70% decline in price would reduce it to $75,000, or less.
Cowen said “If we start screaming higher in Q4 for me, it’ll just be simple like, all right, this time’s not different, I’ll just take profits back to stables.” The re-entry date could be as late as mid-2026.
Bitcoin has risen by 3.41% since the 30th day to $117,010. according CoinMarketCap.
Cowen says that market participants can expect another rally, but should not underestimate the speed at which it might peak.
“Obviously, investors are hopeful we are going to coil up and go into that final rally into the market cycle top,” He said that this should be the default case.
“But if that starts to happen, just remember the top could occur at any moment, right? …No one’s going to be like this is the top,” “He said”
“Everyone’s going to be euphoric if we start to see a move up,” Adding to his remarks, he said:
ETH is expected to outperform Bitcoin at the end of this cycle
Cowen expects Ether to be released as well.ETH( “struggle against” Bitcoin is still expected to perform well for the next few weeks. However, it’s likely that Bitcoin will outperform the market at the end.
“Until the end of the cycle, Ethereum will likely outperform right from now until the end,” Cowen says.
“I expect weakness through the month of October for ETH,” He added. The ETH/BTC rate, which indicates Ether’s relative value to Bitcoin, increased 8.56% in the last thirty days. according TradingView.
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Bitcoiners disagree on the future of Bitcoin’s price. Some believe it will follow its usual four-year cycles, others remain uncertain.
Bitwise chief investment officer Matt Hougan said, “I bet 2026 is an up year.” “I broadly think we’re in for a good few years,” Hougan added.
Canary Capital CEO Steven McClurg recently said, “I think there is a greater than 50% chance Bitcoin goes to the 140 to 150 range this year before we see another bear market next year.”
Meanwhile, Strategy executive chairman Michael Saylor in June said: “Winter is not coming back.”
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Source: cointelegraph.com
