Analyst Says Bitcoin's Decline Will Continue, Answers the Question "What is Needed for the Rally to Start?"
The analyst said that Bitcoin could continue to trend downward until the end of 2024.
While the recent rises in Bitcoin have been short-lived, it is wondered when BTC will return to the bullish zone.
Analysts have different opinions on this issue. Popular cryptocurrency analyst Benjamin Cowen, who is followed by investors, said in a recent YouTube video that Bitcoin could continue to trend downward until the end of 2024.
Relating this prediction to the FED interest rate cut decisions, the analyst stated that BTC is unlikely to switch to an uptrend until the FED lowers interest rates by at least 75 basis points.
In a more optimistic scenario, if the neutral rate is higher than the Fed's expectation, the analyst said that the downtrend in Bitcoin could be broken as interest rate cuts come.
“How long can the downtrend continue before the trend changes? I think it could continue until the end of the year. To be honest, that looks about right to me.
If the neutral interest rate is higher than the Fed thinks, the downtrend could be broken in October as interest rate cuts come.
If the Fed cuts interest rates and drops below the neutral rate, then the downtrend may end in September. However, this is an optimistic picture.
In a more moderate scenario, I think the decline will continue until the end of the year. Because an interest rate cut of approximately 75 basis points is needed to end the downward trend. This can only happen by the end of the year.
Then we can start to rise again in January 2025.”
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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