Crypto analyst Benjamin Cowen believes that the price action of gold could indicate an upcoming correction for Bitcoin.
Gold’s Breakout in 2019
Cowen points out that in 2019, Bitcoin’s rally ended shortly after gold broke out to new highs. He suggests that a similar pattern may be emerging now.
Bitcoin’s Recent High and Gold’s Breakout
Cowen highlights that Bitcoin recently reached a new all-time high around the same time that gold experienced a breakout. This timing aligns with his previous observation.
Gold’s Correlation with Bitcoin
Cowen notes that Bitcoin’s price has historically correlated with gold’s performance. He suggests that gold’s recent breakout could be a signal of a potential dip for Bitcoin.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $62,266, down over 3% in the past day. Cowen emphasizes that his analysis is not definitive, but it raises concerns about a possible correction.
