Altcoins at Risk
According to analyst Benjamin Cowen, Bitcoin (BTC) is likely to continue trading near its record highs, at the expense of altcoins. Cowen believes that the only reason Bitcoin remains above $60,000 is due to traders shifting funds from altcoins into BTC.
Liquidity Exhaustion
Cowen warns that a larger correction in Bitcoin and the crypto market is possible once liquidity in the altcoin market is depleted. “Bitcoin chops the altcoin market up… once that liquidity has been bled dry, then Bitcoin is free to have a larger correction,” he said.
Next Two Weeks Critical
Cowen highlights the next two weeks as crucial in determining whether Bitcoin will experience a correction similar to the one in mid-2019, when it fell from $14,000 to below $4,000.
Bitcoin Outperformance to End
Cowen also predicts that Bitcoin’s outperformance over Ethereum (ETH) will cease by July.
