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.”
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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