• Bitcoin (BTC) has corrected by over 15% from its 2023 high last month.
• Crypto strategist Benjamin Cowen says Bitcoin could fall further in line with a pattern that occurs every four years.
• The S&P 500 stock index is down a little over 5%, and previous “secondary scares” have led to drops of 39-83%.
Bitcoin Price Correction
Bitcoin (BTC) has corrected by over 15% from its 2023 high last month. Crypto strategist Benjamin Cowen says it could fall further in line with a pattern that occurs every four years.
Secondary Scare Pattern
Cowen tells his 785,000 YouTube subscribers that the current crypto downturn is in line with a pattern that occurs every four years. According to the widely followed crypto strategist, Bitcoin has plummeted by between 39% and 83% during previous “secondary scares”.
S&P 500 Index
The S&P 500 stock index is down a little over 5% since the start of August. This suggests that Bitcoin could enter into a downtrend for a while as seen in previous pre-halving years – leading to drops of up to 80%.
Predicted Lowest Drop
On how low Bitcoin could fall going by historical precedent, Cowen outlines three scenarios. A 40% drop would put Bitcoin at $17,500; 61% drop would put it at around $11,400; and an 80% drop would put it much lower, although Cowen believes this is unlikely given the current market conditions.
Current Market Price
Currently, Bitcoin is trading at $26,423 at time of writing.
