Bitcoin To ‘Chop Altcoin Market Up’ in Consolidation Period, Says Analyst Benjamin Cowen – Here’s His Forecast
A well-liked crypto analyst thinks that Bitcoin (BTC) will probably proceed to commerce near its document highs on the expense of altcoins.
In a brand new YouTube video, Benjamin Cowen tells his 801,000 subscribers that he believes the one motive Bitcoin continues to be above $60,000 is as a result of merchants are transferring cash from altcoins into BTC.
Cowen warns that Bitcoin and the remainder of the crypto markets will probably witness a bigger correction as soon as liquidity in the altcoin markets is exhausted.
“My base case, and I’ve been saying this for months, is that Bitcoin chops the altcoin market up, up here, and then once that liquidity has been bled dry, then Bitcoin is free to have a larger correction. And again, that doesn’t necessarily have to mean all doom and gloom, but who knows? That could still be weeks away. It could be months away. I don’t know how long the degens are going to hold out, they sure as hell have held out longer than I thought they were going to. I tip my hat to them.”
The analyst additionally says that the following two weeks are going to be “fairly instrumental” whether or not Bitcoin will see a correction much like what occurred in mid-2019 when BTC collapsed from $14,000 to under $4,000.
Cowen additionally predicts that the development of Bitcoin outperforming Ethereum (ETH) will finish by July.
Bitcoin is buying and selling at $70,946 at time of writing. The highest-ranked crypto asset by market cap is up greater than 7% in the previous 24 hours.
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