As the cryptocurrency market continues to evolve, investors may soon have another opportunity to accumulate Bitcoin. Leading analyst Benjamin Cowen has suggested that Bitcoin could see a staggering 70% decline in the upcoming bear market, a concern that has sparked varied opinions among market watchers.
In a recent interview with Kyle Chasse, Cowen reflected on historical drawdowns in Bitcoin’s price, noting that previous cycles have seen drops of 94%, 87%, and approximately 77%. He stated, “I would say maybe a 70% drawdown from whatever the all-time high ends up.” While he acknowledges that such an occurrence is not guaranteed, he emphasizes that historical data indicates the possibility of significant downturns.
Currently, Bitcoin is trading at around $117,010. This price point has risen by 3.41% in the past 30 days and shows an impressive increase of 88.35% over the last year, according to CoinMarketCap. Crypto enthusiasts have high expectations, with some, including BitMEX co-founder Arthur Hayes, projecting Bitcoin could reach as high as $250,000 by the end of 2023. If this projection holds true, a 70% correction would bring Bitcoin’s price down to approximately $75,000.
Cowen outlined his strategy regarding the market’s potential trajectory, stating that if Bitcoin experiences a significant price increase in the fourth quarter, he would consider taking profits and moving to stable assets. He hinted at a possible re-entry into the market around mid-2026, depending on future developments.
As anticipation grows for a potential rally, Cowen urged caution, reminding investors that the peak could arrive unexpectedly. “If we start to see a move up, just remember the top could occur at any moment,” he cautioned, adding that investor sentiment might drive euphoria during such times.
Looking ahead, Cowen believes that Ethereum (ETH) will ultimately outpace Bitcoin as the market cycle progresses. He predicts that while ETH may experience challenges against Bitcoin in the short term, it is likely to perform better as the cycle reaches its end. “Until the end of the cycle, Ethereum will likely outperform right from now until the end,” he remarked, although he anticipates some weakness for ETH through October.
However, opinions among analysts diverge on the future of Bitcoin’s price. Bitwise’s chief investment officer, Matt Hougan, expressed a more optimistic view, suggesting that 2026 could be a strong year for cryptocurrency. Meanwhile, Canary Capital CEO Steven McClurg also posited a scenario where Bitcoin could reach the $140,000 to $150,000 range before a potential bear market takes hold next year.
In contrast, Michael Saylor, executive chairman of Strategy, has adopted a more upbeat stance, declaring earlier in June that “winter is not coming back,” reflecting confidence in Bitcoin’s resilience.
As the market unfolds, investors are encouraged to stay updated and exercise caution while navigating the unpredictable landscape of cryptocurrency investments. While historical trends provide insight, the future remains uncertain, and readiness to adapt will be paramount for those involved in the crypto space.
