Crypto Analyst Benjamin Cowen Says Bitcoin's 16% Dip Is 'Normal' But This Time It Could Develop Into 'Something More'
Portfolio Pulse from Khyathi Dalal
Crypto analyst Benjamin Cowen warns that Bitcoin's recent 16% drop, while normal, could lead to a more significant decline. He draws parallels with previous cycles, noting the breakdown of altcoin/BTC pairs as a precursor to larger drops. Cowen suggests that Bitcoin's dominance is increasing, indicating a potential halt in the altcoin rally and a market cleanse. He emphasizes the need for caution among investors as the market trends could lead to further declines.
April 16, 2024 | 1:04 pm
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Benjamin Cowen's analysis suggests a potential further decline in Bitcoin's price following a 16% drop, with a significant focus on the breakdown of altcoin/BTC pairs indicating a larger market correction.
Cowen's analysis is based on historical market cycles and the current breakdown of altcoin/BTC pairs, which historically precede larger drops in Bitcoin's price. His cautionary stance suggests a bearish outlook for Bitcoin in the short term, especially if the $50,000 level is tested as he predicts.
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