Bitcoin's downward trend may continue until the end of 2024

Benjamin Cowen, a famous digital currency analyst, has predicted that the downward trend of Bitcoin (BTC) may continue until the end of 2024.

▪️ He believes that to change this trend, the Federal Reserve should reduce the interest rate by at least 75 basis points. The Federal Reserve is expected to start cutting interest rates in September.

Cowen also suggested an optimistic scenario where the bearish trend could be broken in October if the neutral rate is higher than the Fed expects. However, he predicts that the reversal will last until the end of the year and Bitcoin will climb again in January 2025.

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