Widespread cryptocurrency analyst Benjamin Cowen is warning that Bitcoin (BTC) faces a dangerous second earlier than it will possibly embark on a bullish run that usually comes after a halving.
Cowen tells his 784,000 YouTube subscribers that Bitcoin will plummet over the approaching months forward of the halving scheduled for subsequent 12 months.
In keeping with the favored crypto analyst, Bitcoin has displayed comparable conduct within the months previous to earlier halvings.
“I feel Bitcoin may have another scare later this 12 months [or] early subsequent 12 months on the newest. Proper earlier than the halving principally, someday earlier than the halving the place it’s going to take a look at individuals’s resolve.
We had the identical factor in 2015, we had the identical factor in 2019 and 2020. I assume we’ll have the identical factor once more.”
Cowen says that altcoins shall be extra severely affected than Bitcoin in case of a correction out there.
“In a correction state of affairs, the decrease liquidity belongings would truly get hit lots more durable than those which have extra liquidity.
When you’ve corrections on Bitcoin/US greenback [pair] throughout the pre-halving 12 months, liquidity within the altcoin market dries up fairly considerably.
And so each time a correction have been to happen, you’d possible see altcoins go down on not solely their US greenback pairs but in addition nonetheless on their Bitcoin pairs as properly.”
In keeping with Cowen, the market is at the moment in a Bitcoin season the place the flagship crypto asset has thus far outperformed main altcoins.
“Now we have, in truth, gone very deep right here into Bitcoin season. A lot in truth that over the past 60 days Bitcoin has outperformed each different cryptocurrency that’s within the prime 50 [by market cap].”
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