Prominent cryptocurrency analyst Benjamin Cowen has predicted that Bitcoin’s (BTC) downtrend could continue through the end of 2024. He believes that the Federal Reserve would need to cut interest rates by at least 75 basis points to reverse this trend. The Federal Reserve is expected to begin cutting interest rates in September. Cowen also suggested an optimistic scenario in which the downtrend could be interrupted in October if the neutral rate is higher than the Fed expects. However, he predicts that the trend reversal will last through the end of the year and that Bitcoin will rise again in January 2025.
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