Crypto analyst Benjamin Cowen is bearish on the potential impact of Federal Reserve rate cuts on the price of Bitcoin. He believes that rate cuts could initially lead to a decline in Bitcoin's price, testing support levels around $36,000. Cowen explains that rate cuts are typically not bullish for risk assets like Bitcoin, as they indicate a faltering economy. He points to historical precedents where Bitcoin experienced a mid-cycle top and a subsequent 30% plunge when rate cuts occurred. Cowen warns that Bitcoin may dip further and test the bull market support band if it falls below the eight-week moving average. Overall, he advises investors to prepare for increased volatility and potential downside as the Fed's policy shifts back to easing. The crypto community is closely monitoring the Fed's upcoming meeting in March for any changes that could impact Bitcoin's price trend.
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