A well-liked crypto analyst thinks that Bitcoin (BTC) will possible proceed to commerce near its report 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 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 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 must imply all doom and gloom, however who is aware of? That might nonetheless be weeks away. It could possibly be months away. I don’t know the way lengthy the degens are going to carry out, they certain as hell have held out longer than I believed they had been going to. I tip my hat to them.”
The analyst additionally says that the following two weeks are going to be “pretty instrumental” whether or not Bitcoin will see a correction much like what occurred in mid-2019 when BTC collapsed from $14,000 to beneath $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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