Crypto strategist Benjamin Cowen is expressing bearish sentiment on digital assets amid what he sees as signs that Bitcoin (BTC) might have hit a local top.
Cowen tells his 787,000 YouTube subscribers that Bitcoin could fall by at least 8% from the current level, a move that could negatively impact altcoins.
“I do think that these lows [around $25,000] will be taken out. And that when those lows are taken out, I think it’s going to be absolutely devastating for the altcoin market. Because the altcoin market has barely hung on to these valuations when Bitcoin has been fairly risky. You know, we’ve been in an upward trend for the first half of the year.”
On how low Bitcoin can fall, the widely followed crypto analyst says,
“I think there is a good chance here that this is already the topping pattern that Bitcoin’s putting in. And then the issue becomes that as liquidity dries up in the altcoin market and Bitcoin really starts to roll over, how far down can it go? I’ve said before that I think an initial target is likely $23,000…
If [Bitcoin] follows what it did in 2019, it would mean that over the next few days, you could see Bitcoin, you know, sort of take out those lows.”
Bitcoin is trading at $27,270 at time of writing.
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