In a recent YouTube video, crypto analyst Benjamin Cowen said the largest cryptocurrency network, Bitcoin, is repeating patterns seen in previous pre-halving years. The analyst pointed to the historic price performance of Bitcoin to drive his point home.
In particular, the analyst mentioned that Bitcoin in pre-halving years trades up in the first half of the year and trends down in the other half. The analyst continued that the only time this didn’t happen was in 2015, when BTC had a lower first half of the year.
According to the analyst, macro conditions now affect crypto prices too, not just pressures within the crypto market. Cowen pointed to the S&P 500 correction, which he said would draw Bitcoin below the market support band.
Furthermore, the analyst mentioned that the price movement of BTC this half of the year is one month ahead of the levels seen in 2019. Notably, he said Bitcoin in 2019 fell below the bull market support band in September. However, this time, the crypto fell below that line in August 2023.
Additionally, Cowen predicted an increased flow of liquidity from the altcoin market to Bitcoin and stated that there is less liquidity in the altcoin market than there was ten months ago. Per the video, he said people are converting their altcoins to Bitcoin, in line with previous pre-halving years’ performance.
Cowen predicted a lower low for Ethereum, which has, in recent times, recorded steep declines. Cowen said these sell-offs correlate with price movements recorded in 2019.
At the time of press, data from CoinMarketCap showed that Bitcoin has picked up momentum and rallied from $27K to $27.8K, a 3.75% price gain in the past 24 hours. Similarly, its trade volume also saw an uptick, registering a 142% increase in the same period.
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