Benjamin Cowen, a well-known crypto analyst, shared his predictions regarding the future prices of Bitcoin and other cryptocurrencies. He foresees significant market recovery not occurring until 2025.
Current Crypto Market Situation
Cowen pointed out that the U.S. Dollar Index (DXY) stands at 104, which could create a challenging environment for cryptocurrencies. The long end of the yield curve is expected to continue rising in the short term.
Future Predictions
Cowen suggests that the market might experience "one final drop" in prices in November and December 2024. This dip could serve as a precursor to a recovery phase beginning in 2025.
Potential Changes in Dominance
According to Cowen's forecasts, Bitcoin's dominance might rise to 60% during this period, with Ethereum also expected to reclaim its market standing.
Thus, despite the anticipated short-term decline in 2024, the long-term prospects for the cryptocurrency market remain positive, with key recovery expected in 2025.