Bitcoin's recent price movements have caught the attention of market watchers. Leading crypto analyst Benjamin Cowen suggests that the largest cryptocurrency by market cap may be facing a significant correction. Cowen compares Bitcoin's current behavior to 2019, when the post-breakout rally in gold prices ended.
Correlation Between Gold and Bitcoin
According to Cowen, in 2019, Bitcoin ended its rally right after gold reached new highs. Stating that the current performance of gold reflects this trend, Cowen argues that this situation indicates a potential correction in the price of Bitcoin. Stating that although there are different opinions, historical patterns cannot be ignored, Cowen bases his analysis on the fact that Bitcoin peaked in the same period as the break in gold prices.
Analyst's Current View
Cowen emphasizes that his perspective is not absolute, but is based on historical data. Recalling the breakout in gold prices and Bitcoin reaching a local peak in early 2023, Cowen emphasizes the importance of taking these recurring patterns into account. He suggests that if the trend continues, Bitcoin may face a decline soon.
Market Sentiment and Bitcoin's Trading Activity
At the time of writing, Bitcoin is valued at $62,266 and is down more than 3% in the last 24 hours. Broader market sentiment suggests investors are cautious about potential price fluctuations. Cowen's analysis resonates with those cautious about Bitcoin's volatility and encourages closer examination of market dynamics and historical trends.
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