Top Analyst Says $610,000,000,000 in Bitcoin and Crypto Could Be Wiped Out in ‘Worst Case Scenario’
Analyst Benjamin Cowen is predicting that crypto property might not have bottomed out but regardless of the rise in costs to this point this yr.
Cowen tells his 784,000 YouTube subscribers in a brand new video that the whole market cap for crypto property may drop to under $500 billion.
The entire crypto market cap is $1.14 trillion at time of writing.
“I imagine that the worst case state of affairs for the whole market cap is someplace between $400 and $500 billion, which might basically symbolize one other 50% transfer to the draw back from these ranges.
Which is type of loopy to consider. I don’t actually assume it’s a standard state of affairs that lots of people are even contemplating.”
Whereas asserting that Bitcoin (BTC) didn’t fall as a lot from its all-time excessive final yr in comparison with what occurred throughout the earlier cycles, Cowen says that the flagship crypto asset may backside out near the 2022 low of about $15,500 if the worst-case state of affairs materializes.
“We didn’t go as little as we went throughout the prior three cycles, however nonetheless fairly good worth.
And in the event you purchased Bitcoin at $15,000, $16,000, $17,000, or $18,000 even when we do ultimately go decrease, it’s most likely not that removed from the underside. So long run I believe you’ll be advantageous even when the worst-case state of affairs does play out.”
Cowen, nonetheless, says that based mostly on how lengthy earlier bear crypto markets have lasted, there’s a “likelihood” that the underside may already be in.
“There’s at all times an opportunity that the underside’s in. From a time-based perspective, you would argue that it’s. However even whether it is, you’re nonetheless possible a little bit of a chop for some time.”
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