Saturday, June 15, 2024

Bitcoin To ‘Chop Altcoin Market Up’ in Consolidation Interval, Says Analyst Benjamin Cowen – Right here’s His Forecast

A well-liked crypto analyst thinks that Bitcoin (BTC) will possible proceed to commerce near its file highs on the expense of altcoins.

In a brand new YouTube video, Benjamin Cowen tells his 801,000 subscribers that he believes the one cause Bitcoin remains to be above $60,000 is as a result of merchants are shifting cash from altcoins into BTC.

Cowen warns that Bitcoin and the remainder of the crypto markets will possible witness a bigger correction as soon as liquidity within 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 right here, after which as soon as that liquidity has been bled dry, then Bitcoin is free to have a bigger correction. And once more, that doesn’t essentially should imply all doom and gloom, however who is aware of? That would nonetheless be weeks away. It might be months away. I don’t understand how lengthy the degens are going to carry out, they positive as hell have held out longer than I believed they had been going to. I tip my hat to them.” 

Supply: Benjamin Cowen/YouTube

The analyst additionally says that the subsequent two weeks are going to be “pretty instrumental” whether or not Bitcoin will see a correction just 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% prior to now 24 hours.

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Disclaimer: Opinions expressed at The Each day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any losses you might incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in affiliate marketing online.

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