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A prominent cryptocurrency strategist is reiterating his prediction of a significant downward movement in Bitcoin (BTC) for the current month. During a recent strategy discussion, analyst Benjamin Cowen suggested that may experience negative performance in September. Cowen also predicts that Bitcoin could undergo a decline exceeding 10% from its current valuation over the course of this month. He previously cautioned that Bitcoin might reach $23,000 in September, drawing on past trends. As of the time of writing, Bitcoin is being traded at $25,789. Furthermore, Cowen envisions a scenario in which the broader market may experience a revival. According to his analysis, a combination of macroeconomic factors could reinvigorate the altcoin markets in the coming year. Cowen suggests that if the labor market exhibits signs of weakness concurrently with declining , possibly indicating an impending recession, and with the added factor of an election year where incumbents may seek to maintain their positions by implementing looser monetary policies, there could be political pressure to reduce interest rates. In his estimation, this action may lead to a return of quantitative easing during the election year, similar to what occurred in 2020, historically associated with improved performance in the altcoin market.
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