– In a new video, analyst Benjamin Cowen looks at the dot-com bubbles infamous burst for clues on where digital asset markets may end up.
– Cowen says the current pullback in the crypto markets could continue to drop to about the $760 billion mark.
– At that point, Cowen says a 60% bounce would be proportional to a bounce witnessed in the dot-com era, bringing the total market cap back to the $1 trillion level.
– If this market structure plays out, the total market cap of all cryptocurrencies would finally reach a bottom at around the $500 billion mark.
– Cowen cautions that there is never certainty in markets, and says bulls can make a coherent case that the bottom for Bitcoin is already in.