While the recent surges in cryptocurrencies over the past two days have made a significant impact on the market, news about Ethereum ETFs continues to keep the market occupied. Following reports that ETFs could be approved, all eyes turned to the ETH price, which hinted at reaching $4,000. Additionally, some analysts continue to comment on the market, with one prominent figure drawing attention with remarks about Bitcoin.
Bitcoin Chart and Analyst Commentary
A popular market analyst suggested that Bitcoin (BTC) will continue to trade near record levels, disregarding altcoins. In a YouTube video shared with millions, Benjamin Cowen stated that the only reason Bitcoin remains above $60,000 is that investors are moving their investments from altcoins to BTC.
Cowen noted that when liquidity in the altcoin markets dries up, a significant correction in Bitcoin and the rest of the cryptocurrencies is likely.
My main scenario, which I’ve been saying for months, is that Bitcoin will break the altcoin market upwards, and once this liquidity dries up, Bitcoin will be free to make a larger correction. Again, this doesn’t necessarily mean doom and gloom, but who knows? This could still be weeks away. It could be months. I don’t know how long the degens will last, but they have certainly lasted longer than I thought. Hats off to them.
The analyst also highlighted that the next two weeks will be “quite influential” in determining whether Bitcoin (BTC) will witness a correction similar to the one in 2019 when it fell from $14,000 to below $4,000.
Cowen further suggested that the period where Bitcoin outperforms Ethereum (ETH) could end by July.
Bitcoin Price
At the time of writing, Bitcoin has fallen below $70,000 and continues to trade at $69,600. Despite a 1.77% increase in the last 24 hours, most of yesterday’s gains have been erased.
BTC’s market cap remains above $1.3 billion, while the 24-hour trading volume surged by 121% to reach $59 billion, demonstrating renewed investor interest.
