Crypto investors sidelined from Bitcoin this year may still get another chance to accumulate, with a crypto analyst predicting Bitcoin could fall as much as 70% in the next bear market.ย
However, crypto analysts are split on where Bitcoin is headed next. Some say a bear market is still far away, while others think it could come much sooner.
โI would say maybe a 70% drawdown from whatever the all-time high ends up,โ Cowen told Kyle Chasse in an interview published on Thursday, noting that previous cycle bear markets saw Bitcoin (BTC) drawdowns of 94%, 87%, and about 77%.
โDoes it have to happen? No, but you know, history would at least caution us to at least believe that it might.โ
It would be a steep decline from $250K Bitcoin
With some Bitcoin advocates, such as BitMEX co-founder Arthur Hayes, projecting prices as high as $250,000 by the end of this year, a 70% drop would bring it down to around $75,000.
Cowen said, โIf we start screaming higher in Q4 for me, itโll just be simple like, all right, this timeโs not different, Iโll just take profits back to stables.โ He added that he may wait until mid-2026 to re-enter.
Bitcoin is trading at $117,010 at the time of publication, up 3.41% over the past 30 days, according to CoinMarketCap.
Cowen said market participants should expect another strong rally but not underestimate how quickly it could peak.
โObviously, investors are hopeful we are going to coil up and go into that final rally into the market cycle top,โ he said, adding that should be the base case.
โBut if that starts to happen, just remember the top could occur at any moment, right? โฆNo oneโs going to be like this is the top,โ he said.
โEveryoneโs going to be euphoric if we start to see a move up,โ he added.
ETH will outperform Bitcoin toward the end of the cycle
Meanwhile, Cowen also expects Ether (ETH) to โstruggle againstโ Bitcoin for a few more weeks, but said it will ultimately outperform heading into the end of the cycle.ย
โUntil the end of the cycle, Ethereum will likely outperform right from now until the end,โ Cowen said.
โI expect weakness through the month of October for ETH,โ he added. The ETH/BTC ratio, which measures Etherโs relative strength to Bitcoin, is up 8.56% over the past 30 days, according to TradingView.
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Some Bitcoiners say Bitcoinโs price will still follow its typical four-year cycle, while others are unsure.
Bitwise chief investment officer Matt Hougan said, โI bet 2026 is an up year.โ โI broadly think weโre in for a good few years,โ Hougan added.
Canary Capital CEO Steven McClurg recently said, โI think there is a greater than 50% chance Bitcoin goes to the 140 to 150 range this year before we see another bear market next year.โ
Meanwhile, Strategy executive chairman Michael Saylor said in June, โWinter is not coming back.โ
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