Bitcoin
Gold May Have Just Signaled the End of the Bitcoin (BTC) Rally, According to Analyst Benjamin Cowen – Here’s What He Means
A widely followed crypto analyst says gold may have just signaled Bitcoin’s local top (Bitcoin) recent strength.
In a new video update, crypto strategist Benjamin Cowen it says its 800,000 YouTube subscribers that if gold continues to perform well, the leading crypto asset by market capitalization could see a prolonged correction
“At least so far, you can see that the 2019 gold crash marked the local top for Bitcoin. Bitcoin obviously rose a year later. But even [this year]you can see that gold broke out right when Bitcoin/USD reached the local top in March.
So this is one thing: if gold continues to perform well, the implication of this could be that Bitcoin will actually fall after consolidating below the 8-week level. [moving average] instead of getting a pop-up like last year.
Source: Benjamin Cowen/YouTube
Cowen goes on to say that the collapse of Ethereum (ETH) against BTC (ETH/BTC) also correlated with Bitcoin tops, which he notes have already potentially begun.
“The other thing that has already happened is the collapse of ETH/BTC. So if you look at the collapse of ETH/BTC, you can see the last cycle as it started to break down, which marked the top of BTC/USD before a larger correction, and you are looking at something similar [this year].”
Source: Benjamin Cowen/YouTube
ETH/BTC is negotiation for 0.05143 ($3,258) at the time of writing this article.
The crypto analyst then says that altcoins bleeding against BTC would be another sign of a Bitcoin top, but that hasn’t happened yet this time, according to him.
“When [altcoins] broken [last cycle], which marked Bitcoin’s local top. And Bitcoin even had some good rallies while altcoins bled against Bitcoin. That hasn’t happened yet. Altcoins got a lick below it, but did not have durable weekly closes below it.
Therefore, it is unclear how Bitcoin will break. My best guess as to what happens is that it will basically fluctuate [between $66,000 and $56,000]… I would say a lot of time will pass over the next few weeks between the 8-week SMA and the bull market support band.”
Bitcoin is trading for $63,386 at the time of writing, down 1.2% during the last 24 hours. In early 2024, it was trading for around $44,000.
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