The analyst noted previous bear markets saw Bitcoin drawdowns of 94%, 87%, and approximately 77%.
Bitcoin could experience a 70% decline during the next bear market cycle, according to Into The Cryptoverse founder Benjamin Cowen. The analyst noted previous bear markets saw Bitcoin drawdowns of 94%, 87%, and approximately 77%.
Cowen emphasized that such steep corrections aren’t guaranteed but cautioned that historical patterns suggest significant downside potential. If Bitcoin reaches projected highs of $250,000, a 70% drop would bring prices down to approximately $75,000.
The analyst plans to take profits back to stablecoins if Bitcoin begins aggressive rallies in Q4, potentially waiting until mid-2026 to re-enter positions. Market participants should expect strong rallies but remain aware of rapid peak formations.
Bitcoin currently trades at $117,010, up 3.41% over the past 30 days and 88.35% over the previous 12 months. Cowen warned that market tops occur without clear signals, often during periods of widespread euphoria.Bitwise Chief Investment Officer Matt Hougan projects 2026 as an up year, expressing confidence in multi-year positive performance. Canary Capital CEO Steven McClurg sees a greater than 50% probability of Bitcoin reaching the $140-150K range before the next bear market.
ETH is expected to struggle against Bitcoin for several more weeks before ultimately outperforming toward the cycle end. The analyst anticipates Ethereum weakness through October while projecting longer-term outperformance.
The ETH/BTC ratio has increased 8.56% over the past 30 days, indicating early signs of relative strength recovery. Some analysts remain optimistic about extended bull market conditions challenging traditional four-year cycles.
Strategy (formerly known as MicroStrategy) Executive Chairman Michael Saylor rejected crypto winter predictions, stating, “Winter is not coming back” in June comments.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.