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A closely followed crypto analyst says that one key indicator could be suggesting an incoming correction for Bitcoin (BTC).
In a new video update, crypto strategist Benjamin Cowen tells his 802,000 YouTube subscribers that the price action of gold could be hinting at a large dip for the top crypto asset by market cap.
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According to Cowen, in 2019, Bitcoin finished its rally right after gold broke out to new highs – an event he says is likely taking place again.
“Gold broke out in 2019 as well and I know people are [going to say], ‘Well this time is different,’ and I’m like ‘Is it?’
I mean maybe it is. I know a lot of people that I respect are calling for higher prices really soon and it’s possible that happens…
I’m not going to sit here and say it can’t happen, but I would simply point out that gold broke out in 2019 and that’s ultimately where the Bitcoin correction started from.”
Source: Benjamin Cowen/YouTube
Cowen highlights that his thesis may be unfolding considering that Bitcoin printed a fresh all-time high this year at around the time when gold witnessed a breakout.
“I’m not here to say that my view is correct, it may very well not be, but there’s this part of me that’s like ‘You know it hasn’t deviated yet.’ I mean if you look [at] gold… when did it break out? It broke out in late February or early March – that’s essentially where Bitcoin found a local top.”
Bitcoin is trading for $62,266 at time of writing, an over 3% decrease in the past day.
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