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Analyst Benjamin Cowen Suggests Gold Could Be Signaling an Upcoming Bitcoin (BTC) Adjustment – The Daily Hodl
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A widely monitored cryptocurrency analyst suggests that a crucial signal might indicate an upcoming downturn for Bitcoin (BTC).
In a recent video update, cryptocurrency analyst Benjamin Cowen informed his 802,000 YouTube followers that the movement in gold prices might indicate a significant decline for the leading cryptocurrency by market capitalization.
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Cowen states that in 2019, Bitcoin's surge concluded just as gold reached new peak levels – a situation he believes is probably happening once more.
"Gold experienced a surge in 2019, and I anticipate people will argue, 'This situation is unique,' to which I respond, 'Is it really?'"
It might be the case. Many individuals whom I hold in high regard are predicting a rise in prices in the near future, and such an outcome is certainly within the realm of possibility…
I won't claim it's impossible, but I'd like to highlight that gold experienced a breakout in 2019, which coincides with the beginning of Bitcoin's downturn.
Cowen points out that his theory could be materializing, given that Bitcoin reached a new record high this year just as gold experienced a surge.
"I'm not claiming that my perspective is the absolute truth; it might be wrong. Still, there's a feeling I have that says, 'You know, it hasn't been proven wrong so far.' For example, if you consider gold, when did it start to surge? It began to rise in late February or early March, which coincidentally is around the same time Bitcoin hit a local peak."
At the time of writing, Bitcoin's price stands at $62,266, reflecting a decline of more than 3% over the last 24 hours.
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