Renowned market commentator Benjamin Cowen has raised alarms about Bitcoin‘s current trading situation, which is nearing its historic peaks. Cowen suggests that a possible downturn for Bitcoin could materialize about a month following the U.S. elections.
What Decline Can We Expect?
Cowen forecasts a potential decrease in Bitcoin’s value ranging from 12% to 46% in early December, just after the elections. He underscores the importance of caution among traders during this timeframe, as such a decline could instigate jitters within the market.
Despite the anticipated drop, Cowen remains optimistic, believing that Bitcoin could still ascend to new heights by 2025. He also points out that fluctuations may coincide with the release of the U.S. Non-Farm Payroll report.
How Stable is Bitcoin’s Current Price?
Currently, Bitcoin trades at approximately $73,813, just shy of its all-time high of $75,400. Cowen expects this stability to persist in the short run.
“While a decline in early December might unsettle some traders, I view this as a temporary phase, with new peaks likely in 2025,” Cowen asserts.
- Cowen believes any potential dip won’t signify the end of the mining cycle.
- He suggests the market may undergo a soft landing instead.
- Monitoring market activities and staying alert against sudden drops is essential for traders.
Cowen’s insights offer valuable guidance for Bitcoin enthusiasts, highlighting that short-term declines might be fleeting while still emphasizing the cryptocurrency’s long-term potential. Adjusting investment strategies in response to market developments could prove beneficial for traders navigating these uncertain waters.
