Analyst Forecasts 50% Bitcoin Dip Pre-2024 Halving

Analyst Benjamin Cowen Predicts Potential 50% Bitcoin Crash Ahead of 2024 Halving

184 Listen to this article Crypto analyst Benjamin Cowen, known for his precise market analysis, recently forecasted a potential sharp […]

Latest News

Listen to this article

Crypto analyst Benjamin Cowen, known for his precise market analysis, recently forecasted a potential sharp decline in Bitcoin (BTC) prices leading up to its next halving event in April 2024. Speaking with Scott Melker in a fresh interview, Cowen highlighted a historical pattern where Bitcoin’s value typically halves before its much-anticipated halving events.

Speculative 50% Drop

Cowen refrained from asserting a definitive crash but indicated that if Bitcoin were to follow its historical trend, it could experience a 50% reduction from its 2023 high. This speculative decline would see Bitcoin’s value hover around the $15,000 mark, a significant contraction from its peak.

A Look Back at Previous Cycles

Drawing parallels with previous cycles, Cowen noted that Bitcoin has consistently witnessed a 50% price drop in the months preceding a halving. In the last cycle, we observed a 50% drop ahead of the halving, catching many by surprise who were expecting a surge due to the event,” Cowen explained. He further clarified that even during non-halving years, such as the drop in summer 2022, Bitcoin exhibited similar behavior.

Liquidity Concerns Plague the Market

A key factor underpinning Cowen’s analysis is the noticeable liquidity crunch not just in Bitcoin, but across various crypto assets and risk-prone markets. He observed a concerning outflow from altcoins, which he believes will eventually ripple into the Bitcoin market. If fresh money were bolstering the market, we wouldn’t see the total market cap stagnating at February levels or those seen in August 2022,” Cowen pointed out, stressing the absence of new capital inflows.

Read Also:  Bitcoin Below $62K Strengthens Pre-Halving Correction Narrative

Ethereum’s Performance Raises Red Flags

A critical observation from Cowen was the current performance of Ethereum, especially when paired against Bitcoin. The ETH/BTC pair, he remarked, is in a downward spiral. The collapsing ETH/Bitcoin pair seems less like a correction and more like a distribution phase,” he commented, suggesting larger underlying market weaknesses.

Current Market Status

At the time of reporting, Bitcoin is trading at $28,527, enduring a bearish phase. Meanwhile, the ETH/BTC pair stands at 0.05532 BTC, equivalent to approximately $1,578, further cementing Cowen’s concerns about the market’s health.

In Closing

While Cowen’s insights paint a cautious near-future for Bitcoin, it’s crucial for investors to absorb information from multiple sources and strategies, recognizing the inherent volatility and unpredictability of the crypto market.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

Would love your thoughts, please comment.x
Scroll to Top
TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt Shiba Inu Burn Spike Raises Price Over 1300% Impact Concerns GBTC ETF Hindering Bitcoin’s Path to $100,000 Bitcoin News Ethereum Futures ETF with 2x Leverage Filed by Defiance Pump.Fun Boosts Memecoin Market: $5.2M in 38 Days Charles Hoskinson Highlights Cardano’s Progress Despite Criticism Solana DEX Booms, InQubeta Presale Tops $13M Cryptocurrencies to Watch: 16 Promising Options for 2024 Crypto AI Trading Bots: Best Picks for 2024 Cardano’s Top 5 Tokens for April 2024 Investment Crypto Highlights: 12 Best Bitcoin and Crypto Casinos for 2024