A closely followed crypto analyst says that one key indicator could be suggesting an incoming correction for Bitcoin (BTC).
In a new video update, crypto strategist Benjamin Cowen tells his 802,000 YouTube subscribers that the price action of gold could be hinting at a large dip for the top crypto asset by market cap.
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According to Cowen, in 2019, Bitcoin finished its rally right after gold broke out to new highs – an event he says is likely taking place again.
“Gold broke out in 2019 as well and I know people are [going to say], ‘Well this time is different,’ and I’m like ‘Is it?’
I mean maybe it is. I know a lot of people that I respect are calling for higher prices really soon and it’s possible that happens…
I’m not going to sit here and say it can’t happen, but I would simply point out that gold broke out in 2019 and that’s ultimately where the Bitcoin correction started from.”
Cowen highlights that his thesis may be unfolding considering that Bitcoin printed a fresh all-time high this year at around the time when gold witnessed a breakout.
“I’m not here to say that my view is correct, it may very well not be, but there’s this part of me that’s like ‘You know it hasn’t deviated 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 for $62,266 at time of writing, an over 3% decrease in the past day.
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