Benjamin Cowen
There is a chance that Bitcoin will stall out at its 200-day moving average.
Bitcoin could go above its 200-day moving average, as it has in previous bear markets.
Expectations for Federal Reserve rate cuts anytime soon are essentially non-existent.
Altcoins are underperforming Bitcoin, causing Bitcoin dominance to increase.
The market now considers a Federal Reserve rate hike in 2027 more likely than a rate cut.
The market expects no Federal Reserve rate cuts in 2026 and no rate cuts in 2027.
Altcoins will continue to bleed against Bitcoin, and Bitcoin dominance will continue to rise.
Expectations for interest rate cuts anytime soon are essentially non-existent.
Initial unemployment claims will start to rise going into the summer.
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Powell will push back on the idea of short-term rate cuts at the upcoming FOMC meeting.
Energy stocks will start doing well again going into the summer.
The current rally by Bitcoin is a countertrend rally, and the bear market is not over.
A 65% drop from Bitcoin's highs would put its price at approximately $42,000.
The Bitcoin market cycle bottom will happen later than May.
The market cycle bottom of Bitcoin is several months away.
After a 50% drop, Bitcoin would likely stall out for a while en route to a larger drop.
Bitcoin's market cycle bottom could happen as early as May, but this is not the base case.
A 65% drop from Bitcoin's highs would put its price at around $42,000.
Bitcoin would drop approximately 70% plus or minus 4-5% from its highs during this bear market.
The market cycle bottom for Bitcoin is several months away.
Bitcoin's market cycle bottom will happen later on, which is my base case.
The Federal Reserve is essentially unable to cut rates in 2026.
The US economy is heading towards a 'checkmate' scenario for the Federal Reserve.
The Federal Reserve is essentially unable to cut rates as the markets were expecting for 2026.
The Fed is essentially unable to cut rates a few times in 2026.
We are heading towards the Fed being in a checkmate situation.
The Fed's checkmate situation will cause a recession.
The unemployment rate is rising, and the inflation rate is likely going to rise.
Oil price increases in a late business cycle environment will make inflation an issue again.
Bitcoin had likely topped out at $126,000 in the fourth quarter of 2025.
Bitcoin would drop approximately 70% (plus or minus 4-5%) from its highs during the bear market.
After a 50% drop, Bitcoin would likely stall out for a while before the larger drop.