Widely-followed crypto analyst Benjamin Cowen says the dot-com bubble in the late 1990s is giving a glimpse of what the bottom could look like for the Bitcoin and cryptocurrency market.

Cowen says that an 80% drop is highly possible for crypto.

"Sometimes I struggle to comprehend an asset class that has only a market cap of $500 billion, but considering that the asset class as a whole was $3 trillion not that long ago and we’re currently at $1.26 trillion, it’s not that far-fetched to assume that we can’t drop another 40% or so down to approximately $500 billion. I would consider that to be the absolute worst-case scenario.”

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