Cryptocurrency analyst predicts when the last ever bitcoin drop will occur

Cryptocurrency expert Benjamin Cowen suggested that the flagship digital asset could face another drop before a new bull market begins. The analyst shared his forecast on his YouTube channel.

According to Cowen, the next growth of BTC $56,457.80 Bitcoin -2.47% Market capitalization $1.11 trillion VOL. 24 hours $4.48 billion depends on when the token reaches a potential low, which could lead to the formation of a double bottom. «If this happens before February 2024, bitcoin will face a double bottom. If it happens later, the cryptocurrency may meet a higher low. It all depends on when the last drop occurs,» the analyst emphasized.

As for altcoins, the crypto strategist is convinced that altcoins will witness a massive capital outflow as market participants switch to BTC. «In July 2019, altcoins were valued against BTC in the same way as they are today. While the timing doesn’t necessarily have to be perfect, this chart still indicates that altcoins could collectively fall another 40% against BTC. This is called the «altcoin reckoning,» Cowen explained.

Cryptocurrency analyst Inmortal is also convinced that BTC is preparing for the last downward movement before the start of a new bull market. The expert stated this on his Twitter page in late August. «The last fall in history ,» Inmortal wrote, convincing users that after a large-scale collapse, the market leader would no longer fall in price. After a significant drop, bitcoin will reach $ 50,000, the analyst said. Inmortal believes that bitcoin is currently repeating the price dynamics of the last months of 2019, when the token broke below its support at around $ 10,000 and fell to $ 6,000.