• Benjamin Cowen, a crypto strategist, warns that Bitcoin (BTC) could fall further after correcting by over 15% from its 2023 high.
• Cowen believes the current downturn follows a pattern that occurs every four years, referencing the S&P 500 pre-election year correction.
• He suggests that Bitcoin could drop by 40%, 61%, or 80%, with $17,500 being the lowest prediction.
Crypto Strategist Warns of Further BTC Price Decline
Crypto strategist Benjamin Cowen has warned that Bitcoin (BTC) could experience a further price decline even after it corrected by over 15% from its 2023 high. According to Cowen, this is in line with a pattern that occurs every four years during pre-election periods when the S&P 500 experiences a correction.
Historical Precedent for BTC Downturn
Cowen noted three historical precedents where Bitcoin dropped by between 39% and 83%. In 2019, the drop was 61%; in 2015 it was 39%; and in 2011 it was 82.5%. In each case, he argued that S&P dropped in quarter 3 of the pre-election year before Bitcoin entered into a downtrend for some time.
Lowest Predicted Drop for BTC
Based on these historical patterns, Cowen outlined three potential scenarios for how low BTC can go; if there is a 40% drop similar to 2015, this would put Bitcoin at $17,500; if there is a 61% drop like 2019 – $11400; and an 80% drop – much lower than either of those two options.
Current Trading Price of BTC
Currently, Bitcoin is trading at $26423 as of writing time.
Although Benjamin Cowen has suggested potential lows for BTC’s price decline based on previous historical patterns occurring every four years during pre-election periods when the S&P 500 experiences corrections – only time will tell what will happen next with cryptocurrency prices going forward.