A popular crypto analyst has pointed out a key indicator that could be signaling a potential correction for Bitcoin (BTC).

In a recent video update, crypto strategist Benjamin Cowen, with a following of 802,000 subscribers on YouTube, suggests that the price movement of gold may be foreshadowing a significant drop for the leading cryptocurrency by market cap.

Cowen notes that in 2019, Bitcoin’s rally came to an end shortly after gold reached new highs – a pattern that he believes could be repeating itself now.

“Gold also broke out in 2019, and I know some people might argue, ‘This time is different,’ but is it really?” Cowen questions. “While many respected figures are predicting higher prices in the near future, it’s worth considering that history may be repeating itself. Gold broke out in 2019, marking the beginning of the Bitcoin correction.”

Illustrating his point, Cowen highlights that Bitcoin recently hit a new all-time high this year around the same time that gold experienced a breakout.

“I’m not claiming that my analysis is foolproof, but there’s a part of me that sees the similarities. If you look at gold, when did it break out? It was in late February or early March – around the time Bitcoin reached a local peak.”

At the time of writing, Bitcoin is trading at $62,266, marking a decrease of over 3% in the last day.

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