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A widely followed crypto analyst and trader is warning Bitcoin (BTC) may not have reached the bottom of its downward skid.
BTC is worth $91,915 at time of writing after dropping below the $100,000 mark in mid-November.
And according to analyst Benjamin Cowen, if past is prologue BTC may have a few weeks left before the downward slide comes to an end.
Cowen warns his 1.1 million followers on X,
“In July 2024, the Fed cut rates while the BOJ (Bank of Japan) raised rates, leading to the unwind of the carry trade.
Bitcoin capitulated into it, and found a low 1 week later.
Good chance this happens again on December 10th (Fed cuts, BOJ raises rates).
So maybe Bitcoin finds a low mid-Dec?”
Source: Benjamin Cowen/X
According to a recent Bank of Japan press release, the BOJ is currently weighing the effects of interest rate policy.
“At the MPM, the Bank will examine and discuss economic activity and prices at home and abroad as well as developments in financial and capital markets, including the point I just mentioned, based on various data and information, and will consider the pros and cons of raising the policy interest rate and make decisions as appropriate.”
