Bitcoin Bearish Trend Could Last Until 2024 End, Analyst Warns
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A prominent crypto analyst is revising his prediction on when Bitcoin (BTC) might shift to a bullish trend.
In his latest video update, crypto strategist Benjamin Cowen states that Bitcoin might continue to exhibit bearish trends until the end of 2024.
Cowen suggests that the current downward trend, characterized by lower highs and lower lows, could persist throughout the year.
He also notes that a turnaround could be contingent on the Federal Reserve cutting interest rates by at least 75 basis points, similar to what happened in the previous cycle.
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The Fed is anticipated to start reducing rates in September.
However, Cowen presents a potential scenario where Bitcoin’s bearish phase could end earlier. He speculates that if the Fed’s rate cuts in October fall below the neutral rate, Bitcoin might see a reversal as soon as September.
In a more cautious scenario, he believes the bearish trend could last until the end of the year, with a possible rebound in early 2025 following the anticipated rate cuts.
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