Ethereum

Bitcoin

when

<div class="dailyhodl">
 <p>A popular crypto analyst thinks that Bitcoin (BTC) will likely continue to trade close to its record highs at the expense of altcoins.</p>
 <p>In a new YouTube video, Benjamin Cowen tells his 801,000 subscribers that he believes the only reason Bitcoin is still above $60,000 is because traders are moving money from altcoins into BTC.</p>
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 <p>Cowen warns that Bitcoin and the rest of the crypto markets will likely witness a larger correction once liquidity in the altcoin markets is exhausted.</p>
 <p><em>“My base case, and I’ve been saying 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 have a larger correction. And again, that doesn’t necessarily have to mean all doom and gloom, but who knows? That could still be weeks away. It could be months away. I don’t know how long the degens are going to hold out, they sure as hell have held out longer than I thought they were going to. I tip my hat to them.”&nbsp;</em></p>
 <figure id="attachment_289579" aria-describedby="caption-attachment-289579" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-289579 size-full" src="https://cdn.thebittimes.com/images/2024/05/21/ac41adc6e7644022d58a415f9a11ecc1.webp" alt="" width="956" height="577" srcset="https://cdn.thebittimes.com/images/2024/05/21/ac41adc6e7644022d58a415f9a11ecc1.webp 956w, https://cdn.thebittimes.com/images/2024/05/21/ac41adc6e7644022d58a415f9a11ecc1.webp?resize=300,https://cdn.thebittimes.com/images/2024/05/21/ac41adc6e7644022d58a415f9a11ecc1.webp 300w, https://cdn.thebittimes.com/images/2024/05/21/ac41adc6e7644022d58a415f9a11ecc1.webp?resize=768,https://cdn.thebittimes.com/images/2024/05/21/ac41adc6e7644022d58a415f9a11ecc1.webp 768w, https://cdn.thebittimes.com/images/2024/05/21/ac41adc6e7644022d58a415f9a11ecc1.webp?resize=750,https://cdn.thebittimes.com/images/2024/05/21/ac41adc6e7644022d58a415f9a11ecc1.webp 750w" sizes="(max-width: 956px) 100vw, 956px">
  <figcaption id="caption-attachment-289579" class="wp-caption-text">
   Source: Benjamin Cowen/YouTube
  </figcaption>
 </figure>
 <p>The analyst also says that the next two weeks are going to be “fairly instrumental” whether Bitcoin will see a correction similar to what happened in mid-2019 when BTC collapsed from $14,000 to below $4,000.</p>
 <p>Cowen also predicts that the trend of Bitcoin outperforming Ethereum (ETH) will end by July.</p>
 <p>Bitcoin is trading at $70,946 at time of writing. The top-ranked crypto asset by market cap is up more than 7% in the past 24 hours.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-to-chop-altcoin-market-up-in-consolidation-period-says-analyst-benjamin-cowen-here-s-his-forecast-tbt89154.html">https://thebittimes.com/bitcoin-to-chop-altcoin-market-up-in-consolidation-period-says-analyst-benjamin-cowen-here-s-his-forecast-tbt89154.html</a></p>

Bitcoin To ‘Chop Altcoin Market Up’ in Consolidation Period, Says Analyst Benjamin Cowen – Here’s His Forecast

TheBitTimes

Other articles published on May 21, 2024

SOLID Announces Plan to Launch its ICO and a Game to Unveil the Identity of Satoshi Nakamoto

SEC’s Feedback Propels Ethereum ETF Listings Closer To Approval, Insiders Claim

BREAKING: Grayscale Allegedly Filed a Trust Application for a Very Surprise Altcoin – But It's Mo...

Bitcoin Surges to $72,000 After Recent News

Expert Predicts ‘Epic Altseason’ if Bitcoin (BTC) Dominance Breaks This Pattern: Shares Top 5 Alt...

Multipool Partners with BSO Enabling Ultra-fast Low Latency Trading (21 May)

Join our free newsletter for daily crypto updates!