- Cryptocurrency expert Benjamin Cowen suggests Bitcoin mirrors pre-halving year patterns.
- Cowen predicts a rise in liquidity transfer from altcoins to Bitcoin.
- Bitcoin’s price surged from $27K to $27.8K, a 3.75% increase.
In a recent YouTube video, cryptocurrency expert Benjamin Cowen stated that Bitcoin
The analyst noted that Bitcoin typically experiences an upward trend in the first half of the year and a downward trend in the second half during pre-halving years. The analyst further stated that the only exception to this pattern was in 2015 when Bitcoin’s value was lower in the first half of the year.
The analyst suggests that internal crypto market forces and macroeconomic conditions are currently influencing cryptocurrency prices. Cowen highlighted the correction in the S&P 500, predicting it would pull Bitcoin below the market support level.
Additionally, the analyst pointed out that BTC’s price trajectory in this half of the year is a month ahead compared to the trends observed in 2019. It’s worth noting that Bitcoin in 2019 dropped beneath the bull market support band in September. In contrast, the cryptocurrency dipped below the same threshold this year in August 2023.
Furthermore, Cowen forecasted a rise in the liquidity transfer from the altcoin market to Bitcoin, noting a decrease in liquidity in the altcoin market compared to ten months prior. According to the video, he mentioned that individuals are shifting their altcoins into Bitcoin, consistent with the performance observed in previous years before halving events.
Cowen has forecasted a further drop for Ethereum, which has experienced significant falls recently. According to Cowen, these sell-offs correlate with the price fluctuations observed in 2019.
As per the latest data from CoinMarketCap at the time of reporting, Bitcoin has gained traction, surging from $27K to $27.8K, marking a 3.75% increase in price over the last 24 hours. Similarly, there was a significant rise in its trading volume, recording a 142% growth within the same timeframe.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
