Leading analyst Benjamin Cowen has shared a new crypto analysis. He predicts that the total market cap of the crypto market could pull back by $610 billion, in the worst case. As the market may not have bottomed yet, another downward move could occur.
Crypto: more declines expected
On his Youtube channel, analyst Benjamin Cowen shared his prediction on the crypto market to his 784,000 subscribers. In the video, he explains that the cryptos may not have bottomed yet. This even though prices have risen since the beginning of the year. Currently, the total crypto market cap stands at $1.14 trillion. But in a most pessimistic scenario, this can decrease by 610 billion. Not to mention the fact that other traders are also predicting a correction in bitcoin (BTC).
Then, this analyst thinks that the worst-case scenario for the total crypto capitalization is between $400 billion and $500 billion. This essentially represents a 50% pullback from those levels, he explained. According to him, it is a script that many people wouldn’t even consider.
Bitcoin (BTC) predictions
Benjamin Cowen also claims that bitcoin (BTC) hasn’t fallen that much since its all-time high. And this, compared to what happened in previous cycles. He therefore estimates that the queen of cryptos could bottom near the 2022 low. This equates to around $15,500, if the worst-case scenario materializes. ” We haven’t gone as low as in the previous three cycles ” did he declare. But it’s still pretty good value, he says.
If you bought bitcoins (BTC) between $15,000-18,000, you’re probably not that far from the bottom, even if it’s going down. So he said that in the long term, everything will be fine, even if the worst scenario comes true for cryptos. However, he explains that there is a chance that the ” bottom would have already been achieved.
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