Bitcoin (CRYPTO: BTC) could face further downside toward the $60,000–$40,000 range as the market remains in a mid-cycle drawdown, according to analyst Benjamin Cowen.
No Bottoming Signals Yet
In a Friday podcast, Cowen says Bitcoin’s bottom is likely not formed, arguing that typical capitulation signals haven’t appeared yet.
He points to key valuation metrics, like realized price and balance price, that BTC has not yet broken below, a move that historically aligns with final market bottoms.
Cowen estimates this cycle could ultimately see a ~70% peak-to-trough decline, …