A most fashioned crypto analyst thinks that Bitcoin (BTC) will likely continue to alternate shut to its convey highs at the expense of altcoins.
In a fresh YouTube video, Benjamin Cowen tells his 801,000 subscribers that he believes the totally reason Bitcoin is aloof above $60,000 is because merchants are transferring money from altcoins into BTC.
Cowen warns that Bitcoin and the leisure of the crypto markets will likely witness a bigger correction once liquidity in the altcoin markets is exhausted.
“My imperfect case, and I’ve been announcing 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 maintain a bigger correction. And one more time, that doesn’t necessarily have to imply all doom and gloom, however who is conscious of? That might maybe maybe well aloof be weeks away. It might most likely most likely maybe well be months away. I don’t understand how lengthy the degens are going to withhold out, they obvious as hell maintain held out longer than I notion they maintain been going to. I tip my hat to them.”
The analyst also says that the next two weeks are going to be “fairly instrumental” whether or no longer Bitcoin will look a correction a much like what came about in mid-2019 when BTC collapsed from $14,000 to below $4,000.
Cowen also predicts that the model of Bitcoin outperforming Ethereum (ETH) will end by July.
Bitcoin is procuring and selling at $70,946 at time of writing. The high-ranked crypto asset by market cap is up bigger than 7% in the previous 24 hours.
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