Crypto analyst Benjamin Cowen claimed in a recent YouTube video that the biggest cryptocurrency network, Bitcoin, is following trends from years prior to its halving. The analyst emphasized his point by citing Bitcoin’s past price history.
The expert specifically brought out the fact that Bitcoin tends to trade higher in the first half of the year before halving and going down in the second. The only time this didn’t occur, the analyst noted, was in 2015, when BTC had a weaker first half of the year.
The researcher claims that in addition to pressures within the crypto market, macroeconomic factors now also have an impact on cryptocurrency pricing. The S&P 500 correction, according to Cowen, would push Bitcoin below the market support band.
The analyst also noted that Bitcoin’s price movement in the first half of the year is one month ahead of levels anticipated in 2019. Notably, he claimed that in September of this year, Bitcoin went below the bull market support band. This time, however, the cryptocurrency dropped below that threshold in August 2023.
Furthermore, Cowen asserted that there is less liquidity in the altcoin market than there was ten months ago and expected an increase in the transfer of liquidity from the altcoin market to Bitcoin. According to the video, he claimed that people are trading their altcoins for bitcoin, which is consistent with performance in years before the halving.
Given that Ethereum has recently experienced sharp drops, Cowen forecasts a lower low for the currency. According to Cowen, these sell-offs are consistent with price changes seen throughout 2019.
At the time of publication, information from CoinMarketCap revealed that Bitcoin had gained pace and risen from $27K to $27.8K, a price gain of 3.75% over the previous 24 hours. Similar to this, its trade volume increased as well, rising by 142% within the same time frame.