Bitcoin To See One More Test, Benjamin Cowen Says

It’s been just revealed that Bitcoin will soon see one more test, according to analyst Benjamin Cowen. Check out the latest reports below.

Popular crypto analyst Benjamin Cowen is warning that Bitcoin (BTC) faces a perilous moment. This is right before it can embark on a bullish run that normally comes after a halving.

Cowen said that Bitcoin would plummet over the coming months ahead of the halving scheduled for next year.

According to the popular crypto analyst, Bitcoin has displayed similar behavior in the months prior to previous halvings.

“I think Bitcoin will have one more scare later this year [or] early next year at the latest. Right before the halving basically, sometime before the halving where it will test people’s resolve.”

He continued and pointed out the following:

“We had the same thing in 2015, we had the same thing in 2019 and 2020. I assume we’ll have the same thing again.”

Cowen said that altcoins would be more severely affected than Bitcoin in case of a correction in the market.

“In a correction scenario, the lower liquidity assets would actually get hit a lot harder than the ones that have more liquidity.”

He also stated the following:

“When you have corrections on Bitcoin/US dollar [pair] during the pre-halving year, liquidity in the altcoin market dries up quite substantially.

And so whenever a correction were to occur, you would likely see altcoins go down on not only their US dollar pairs but also still on their Bitcoin pairs as well.”

We’re now in a season during which Bitcoin managed to outperform the altcoins. Regarding the price of BTC today, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $29,395. Stay tuned for more news from the crypto space.