A closely watched crypto analyst says a key indicator could point to an upcoming correction for Bitcoin (BTC).
In a new video update, crypto strategist Benjamin Cowen tells Its 802,000 YouTube subscribers said gold’s price action could signal a big dip for the leading cryptocurrency by market capitalization.
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According to Cowen, Bitcoin ended its 2019 rally right after gold broke out to new highs – an event he believes will likely happen again.
“Gold also broke out in 2019 and I know people are doing the same [going to say]“Well, this time it’s different,” and I’m like, “Is it?”
I mean, maybe. I know a lot of people I respect will soon be asking for higher prices and it’s possible that will happen…
I’m not going to sit here and say it can’t happen, but I simply want to point out that gold broke out in 2019 and that is ultimately where the Bitcoin correction began.”
Cowen emphasizes that his thesis may be unfolding, given that Bitcoin hit a new all-time high this year around the time gold witnessed a breakout.
“I’m not here to say my opinion is right, it may very well not be, but there is a part of me that says, ‘You know it hasn’t budged yet.’ I mean, if you look [at] gold… when did it break out? It broke out in late February or early March – that’s essentially where Bitcoin found a local top.”
Bitcoin is trading at $62,266 at the time of writing, down more than 3% in the past day.
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