Bitcoin price has risen by around 10.50% over the past seven days, but according to popular analyst Benjamin Cowen, we should be worried about a massive correction. In an interview with Crypto Banter, Cowen says that the influx of new capital is NOT the reason why Bitcoin is currently rising.
According to Benjamin Cowen, Bitcoin is rising because many people are trading their altcoins for the largest coin on the market.
Is this analysis correct?
Whether Cowen’s analysis is correct remains to be seen, because today we see green figures for almost the entire market. Ethereum, Binance Coin, XRP, Solana, Cardano and Dogecoin are all in the green today.
Some altcoins are rising much faster than Bitcoin these days. It seems like we’re really seeing bullish momentum for the entire market right now.
Of course, Benjamin Cowen may be right, but there is currently no question of a flight towards Bitcoin; as he appears to see in the interview with Crypto Banter.
However, that does not alter the fact that it is special that Bitcoin and the rest of the market are doing so well, while traditional financial markets are struggling with high interest rates and the geopolitical and macroeconomic situation in the rest of the world.
Liquidity is gone
“Bitco usually experiences a big drop before halving. But maybe this time it will happen after the halving. I don’t know,” said Benjamin Cowen.
However, we must remember that past performance is no guarantee of future results. In the past we may have seen dips with every halving, but that doesn’t necessarily mean we’ll get them AGAIN this time.
You could also argue that many people now know that a Bitcoin bull market started after each halving and are now pre-buying to avoid these rallies.
On top of that, we now also have BlackRock, the largest asset manager in the world, planning to launch a spot Bitcoin ETF in the US. The bullish developments for Bitcoin are slowly increasing.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
