A intently adopted crypto analyst says that one key indicator could possibly be suggesting an incoming correction for Bitcoin (BTC).
In a brand new video replace, crypto strategist Benjamin Cowen tells his 802,000 YouTube subscribers that the value motion of gold could possibly be hinting at a big dip for the highest crypto asset by market cap.
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According to Cowen, in 2019, Bitcoin completed its rally proper after gold broke out to new highs – an occasion he says is probably going happening once more.
“Gold broke out in 2019 as nicely and I do know persons are [going to say], ‘Properly this time is completely different,’ and I’m like ‘Is it?’
I imply possibly it’s. I do know lots of people that I respect are calling for larger costs actually quickly and it’s doable that occurs…
I’m not going to sit right here and say it might’t occur, however I’d merely level out that gold broke out in 2019 and that’s finally the place the Bitcoin correction began from.”
![](https://dailyhodl.com/wp-content/uploads/2024/06/Screenshot_20240623-121628_YouTube.jpg)
Cowen highlights that his thesis could also be unfolding contemplating that Bitcoin printed a contemporary all-time excessive this 12 months at across the time when gold witnessed a breakout.
“I’m not right here to say that my view is appropriate, it might very nicely not be, however there’s this a part of me that’s like ‘ it hasn’t deviated but.’ I imply in the event you look [at] gold… when did it escape? It broke out in late February or early March – that’s basically the place Bitcoin discovered a neighborhood high.”
Bitcoin is buying and selling for $62,266 at time of writing, an over 3% lower previously day.
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