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Home»ALTCOIN NEWS»Analyst Benjamin Cowen Says Bitcoin Will Cut ‘Altcoin Market Up’ During Consolidation Period Here are his predictions:
ALTCOIN NEWS

Analyst Benjamin Cowen Says Bitcoin Will Cut ‘Altcoin Market Up’ During Consolidation Period Here are his predictions:

By Crypto FlexsMay 21, 20242 Mins Read
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Analyst Benjamin Cowen Says Bitcoin Will Cut ‘Altcoin Market Up’ During Consolidation Period  Here are his predictions:
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One prominent cryptocurrency analyst believes that Bitcoin (BTC) is likely to continue trading near all-time 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 to BTC.

Cowen warns that Bitcoin and the rest of the cryptocurrency markets will likely see a larger correction once liquidity in the altcoin market dries up.

“The base case I have been saying for months is that Bitcoin will split the altcoin market to this point, and as liquidity dries up, Bitcoin will be free to make larger corrections. And again, this doesn’t necessarily mean it’s all doom and gloom. But who knows? There may still be a few weeks left. It may take several months. I don’t know how long the Degen will last, but they certainly lasted longer than I thought. I tip my hat to them.”

Source: Benjamin Cowen/YouTube

The analyst also said the next two weeks will play a “pretty significant” role in whether Bitcoin sees a correction similar to the one that saw BTC collapse from $14,000 to less than $4,000 in mid-2019.

Cowen also predicted that Bitcoin’s trend of outperforming Ethereum (ETH) will end in July.

At the time of this writing, Bitcoin is trading at $70,946. The top cryptocurrency asset by market capitalization is up more than 7% in the last 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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