Prominent cryptocurrency analyst Benjamin Cowen has predicted that Bitcoin (BTC) will drop to $70,000 in the short term before experiencing a slight rebound.

While stating on his X (formerly Twitter) account that "recent BTC movements have been random, making predictions difficult," Cowen noted, "I expect it to soon drop to $70,000 before rebounding slightly."

He added, "However, once the rebound is over, there is a high possibility that it will retest the low range from February of this year," warning of long-term market volatility.