A popular crypto analyst thinks that Bitcoin (BTC) will likely continue to trade close to its record highs at the expense of altcoins.
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.
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.
“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.”
Source: Benjamin Cowen/YouTube
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.
Cowen also predicts that the trend of Bitcoin outperforming Ethereum (ETH) will end by July.
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.
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