Bitcoin Bearish Trend Could Last Until 2024 End, Analyst Warns

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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.