TD Cowen Trims Bitcoin Price Target to $97,500 Amid Market Weakness

TD Cowen, an investment bank, has revised its year-end price target for Bitcoin from $177,000 to $97,500, a drop of over 45%.

This move reflects the bank's cautious outlook on the cryptocurrency market in the near term.

The downgrade comes after a period of notable underperformance by Bitcoin, with prices falling from highs above $100,000 to around $78,000 currently.

TD Cowen attributes this weakness to recent market dynamics rather than structural issues in the asset class.