Benjamin Cowen, a widely followed economist and crypto-asset expert, has issued a warning about Bitcoin (BTC), as it trades at its highest level ever.
Cowen, in a video released today, tells 820,000 YouTube users that Bitcoin may turn negative one month following the US General Election.
I just wanted to make it clear that there will be many bold predictions about what’s to come after the elections. What I believe could occur is that there will be a sudden drop in the stock market sometime early December. This would scare people. It could be the release of the non-farm payroll report on December 6th ].”
Cowen says that Bitcoin’s current price could fall anywhere between 12 and 46% if the bearish scenarios play out.
What is still unclear is whether the drop in Bitcoin was just a back-testing [around $65,000] before going up to 2025, or if this is a back-testing [around $40,000.] then it went up. This is the only thing I’m still a little unsure about …”
Bitcoin was trading for $73,813, a drop of about 2% compared to its previous high, which was around $75,000.
According to the widely respected analyst, a Bitcoin correction he envisages in December will likely only be temporary.
I could imagine a situation where, after all the outcomes of the elections are decided on, if Bitcoin does not immediately rise and it then starts to crash the people may assume that the cycle has ended. It could be a soft landing.
“You could have a scenario where Bitcoin falls and then rises to new highs by 2025.”
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Benjamin Cowen Issues Bitcoin Alert: Potential Fall ‘That Scares the People’ Coming – His Outlook can be updated as new information becomes available.
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