Crypto Analyst Not Ruling Out 70% Drawdown For Bitcoin
Crypto investors sidelined from Bitcoin this year may still get another chance to accumulate, with a crypto analyst predicting Bitcoin could fall as much as 70% in the next bear market.
However, crypto analysts are split on where Bitcoin is headed next. Some say a bear market is still far away, while others think it could come much sooner.
“I would say maybe a 70% drawdown from whatever the all-time high ends up,” Cowen told Kyle Chasse in an interview published on Thursday, noting that previous cycle bear markets saw Bitcoin (BTC) drawdowns of 94%, 87%, and about 77%.
“Does it have to happen? No, but you know, history would at least caution us to at least believe that it might.”
It would be a steep decline from $250K Bitcoin
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