Top Analyst Says $610,000,000,000 in Bitcoin and Crypto Could Be Wiped Out in ‘Worst Case Scenario’
Analyst Benjamin Cowen predicts that crypto assets may not have bottomed yet despite the rise in prices so far this year.
Cowen tells his 784,000 YouTube subscribers in a new video that the total market cap of crypto assets could fall below $500 billion.
The total market cap for crypto is $1.14 trillion at the time of writing.
“I think the worst-case scenario for the total market cap is somewhere between $400 billion and $500 billion, which would essentially represent another 50% move to the downside from those levels.
Which is a little crazy to think about. I don’t really think it’s a common scenario that many people even consider.”
Although he argues that Bitcoin (BTC) did not fall as much from its all-time high last year compared to what happened during previous cycles, Cowen says the flagship crypto asset could bottom out near the 2022 low of around $15,500 if the worst – Case scenario materializes.
“We didn’t go as low as we did during the previous three cycles, but still pretty good value.
And if you bought Bitcoin at $15,000, $16,000, $17,000 or $18,000 even if we eventually go lower, it’s probably not that far from the bottom. So long-term, I think you’ll be fine even if the worst-case scenario unfolds.”
However, Cowen says that based on how long past bear crypto markets have lasted, there is a “chance” that the bottom may already be in.
“There is always a chance that the bottom is in. From a time-based perspective, you could argue that it is. But even if it is, you’re still probably looking at a bit of a cut for a while.”
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