“Unearthing the lessons of the past, history warns us of an imminent and unexpected twist in Bitcoin’s journey, signaling a much-needed correction before the roaring bull market takes hold, as Benjamin Cowen astutely predicts.”
In a recent interview with Crypto Banter, top crypto analyst Benjamin Cowen shared his thoughts on the current rally of Bitcoin (BTC). According to Cowen, historical precedent suggests that there will be a significant correction before the real bull market begins.
Cowen argues that the reason behind Bitcoin’s rally is not new capital entering the space and driving up prices. Instead, he believes that traders are converting their altcoins into BTC. As a result, altcoin liquidity will eventually dry up, leading to a lack of buy pressure for Bitcoin.
The analyst expects BTC to face rejection at its nearby resistance levels, which will trigger a sell-off and bring altcoins down with it. He explains that liquidity in the altcoin market will be depleted, and without that liquidity, there won’t be a bid for Bitcoin. This will result in a drop in Bitcoin’s price and crush the altcoin market.
Cowen further predicts that after this final drop by Bitcoin, altcoins will outperform BTC over the next three to six months. However, at the moment, altcoins are still bleeding to Bitcoin.
As of now, BTC is trading at $30,734.
It’s important to note that the opinions expressed in this blog are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin or cryptocurrencies.