Bitcoin Expert Benjamin Cowen Warns of Impending Correction: Historical Trends Point to Unexpected Downturn Before Bull Market
Prominent crypto analyst Benjamin Cowen suggests that Bitcoin’s recent surge will likely be followed by a significant correction before the true bull market commences.
In an interview with Crypto Banter, Cowen explains that Bitcoin’s current rally is not due to fresh capital entering the market. Instead, traders are converting their higher-risk altcoins into BTC. He anticipates that as liquidity from altcoins diminishes. Bitcoin will face resistance levels, resulting in a decline that will impact altcoins. Cowen points out that historically, Bitcoin experiences a notable sell-off before halving events. Primarily due to dwindling liquidity in the altcoin market.
He predicts that when altcoin liquidity is depleted, Bitcoin will enter a risk-off environment, causing a drop and subsequently crushing the altcoin market. Cowen suggests that following this phase. Altcoins might outperform Bitcoin, but currently, the trend indicates altcoins transitioning to Bitcoin. A pattern that is expected to shift in the near future.
Clever Robot News Desk 24th October 2023
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