A prominent crypto analyst suggests that a crucial indicator may be signaling a potential correction for Bitcoin (
BTC
).
In a recent video update, crypto expert Benjamin Cowen, with a following of 802,000 on YouTube, points out that the price movement of gold could be indicating a significant drop for the top cryptocurrency by market cap.
Cowen notes that in 2019, Bitcoin’s rally ended shortly after gold surged to new highs, a pattern he believes is repeating itself.
“Back in 2019, gold broke out and I can already hear people saying, ‘This time is different,’ but is it really? Maybe it is. I know many respected individuals are predicting higher prices in the near future, and that could very well happen… I’m not ruling it out. However, it’s worth noting that in 2019, gold broke out and that’s when the Bitcoin correction began.”
Source: Benjamin Cowen/YouTube
Drawing attention to the current scenario, Cowen mentions that Bitcoin hit a fresh all-time high this year around the same time as gold saw a breakout.
“I’m not claiming to have all the answers, my viewpoint could be wrong, but there’s a part of me that thinks, ‘It hasn’t strayed from the pattern yet.’ Look at gold… when did it break out? It was in late February or early March – that’s when Bitcoin reached a local peak.”
As of the time of writing, Bitcoin is priced at $62,266, reflecting a decrease of over 3% in the last 24 hours.
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