Bitcoin at $15,000: A Steep Fall Ahead, According to Benjamin Cowen

While Bitcoin reached $30,000 this Monday and seems to be gearing up for a new rally, it’s not yet time to celebrate, according to highly followed crypto analyst Benjamin Cowen. In an interview with Scott Melker, the expert predicted an imminent sharp drop in Bitcoin’s price ahead of the expected halving in April 2024. Find out more in this article.

Bitcoin Could Drop to $15,000 Two Months Before the Halving

Benjamin Cowen is unequivocal. He has ‘seen this happen in previous cycles.’ The crypto analyst claims that ‘what typically happens is that Bitcoin’s price is cut in half before the halving.’ He predicts that the cryptocurrency, which was valued at $69,000 last November, will drop to as low as $15,000 before April 2024.

In his analysis, Cowen recalls that last summer, Bitcoin experienced ‘a 50% drop before the bull trend really took off.’ It can be believed that the current decline is already part of the one the crypto expert is referring to. However, Cowen believes it’s still crucial to expect a likely drop, no later than two months before the Bitcoin halving. As for altcoins, it’s going to be practically an Armageddon.

In a new interview with Scott Melker, Cowen says Bitcoin has historically collapsed by 50% in the lead-up to a halving event.

predictions tells that such a collapse, a 50% drop from Bitcoin’s last high would place it near $15,000.

— TheCrypto Tycoons (@askrrahul) October 18, 2023

Some altcoins could suffer up to 99% losses from their all-time highs

Benjamin Cowen is concerned about the drying up of liquidity in the crypto markets and in most high-risk asset markets. In fact, with rising interest rates, funds that were expected to flow into cryptocurrencies are evaporating day by day. Investors prefer less risky investment solutions.

Cowen aligns himself with this logic and expresses his concern for Bitcoin because the Bitcoin market isn’t receiving much fresh capital. He asks, ‘If there was a lot of fresh money in the space, why is the total market capitalization the same as in February and the same as in August 2022?’ Cowen notes that the money currently flowing into the Bitcoin market is coming from the altcoin market through Ethereum. He adds that ‘the declining purchasing power of altcoins’ will thus affect Bitcoin, which has clearly not yet hit the bottom in this cycle. If Bitcoin really drops below 50% of its 2023 all-time high, the altcoin market could experience up to 99% losses for altcoins.