Analyst Benjamin Cowen Explains How Gold Might Have Indicated the Conclusion of Bitcoin (BTC) Rally
Bitcoin’s recent surge may be coming to an end as gold and Ethereum show signs of weakness, according to crypto analyst Benjamin Cowen. In a video update to his 800,000 YouTube subscribers, Cowen points out that the breakout of gold in 2019 coincided with a local top for Bitcoin. He suggests that if gold continues to perform well, Bitcoin may experience a downward correction. Cowen also highlights the breakdown of Ethereum against Bitcoin, noting that this has historically marked a top for Bitcoin’s price. However, he acknowledges that altcoins have not yet shown signs of weakness against Bitcoin, making it unclear which direction Bitcoin will ultimately go. Cowen predicts that Bitcoin will trade within a range of $66,000 to $56,000 in the coming weeks. At the time of writing, Bitcoin is trading at $63,386, a slight decrease from the previous day.