Gold’s Performance
Crypto analyst Benjamin Cowen suggests that gold’s recent surge may indicate a peak in Bitcoin’s recent rally. He notes that in 2019, a breakout in gold coincided with a local top for Bitcoin. Similarly, this year’s gold breakout occurred around the same time Bitcoin reached a local high in March.
Ethereum’s Decline
Cowen also points to the decline in Ethereum (ETH) against Bitcoin (ETH/BTC) as a potential sign of a Bitcoin top. This trend has historically correlated with Bitcoin tops, and it has already begun to play out this year.
Altcoin Performance
However, Cowen notes that altcoins have yet to bleed out against Bitcoin, which would be another indicator of a Bitcoin top.
Bitcoin’s Outlook
Cowen predicts that Bitcoin will likely fluctuate between $66,000 and $56,000 in the coming weeks. He expects it to spend significant time between the 8-week moving average and the bull market support band.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $63,386, down 1.2% over the past 24 hours. It has risen from around $44,000 at the start of 2024.
