{"id":179329,"date":"2023-10-23T14:53:20","date_gmt":"2023-10-23T09:23:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179329"},"modified":"2023-10-23T14:53:20","modified_gmt":"2023-10-23T09:23:20","slug":"history-suggests-big-unexpected-correction-coming-for-bitcoin-before-full-blown-bull-market-benjamin-cowen-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/history-suggests-big-unexpected-correction-coming-for-bitcoin-before-full-blown-bull-market-benjamin-cowen-crypto-news\/","title":{"rendered":"History Suggests Big Unexpected Correction Coming for Bitcoin Before Full-Blown Bull Market: Benjamin Cowen &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Top crypto analyst Benjamin Cowen says that historical precedent makes it likely that Bitcoin\u2019s (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/currencies\/bitcoin\/\">BTC<\/a>) latest rally will lead to a dramatic correction before the real bull market kicks off.<\/p>\n<p>In a new interview with Crypto Banter, Cowen says that the reason Bitcoin is currently rallying is not because new capital is coming into the space and raising prices.<\/p>\n<p>Instead, the analyst argues that Bitcoin is going up because traders are converting their altcoins, which are further out the risk curve, into BTC. Cowen says that eventually, liquidity from altcoins will dry up, and Bitcoin will no longer have buy pressure to sustain its rally.<\/p>\n<p>The closely followed analyst says he\u2019s expecting BTC to eventually get rejected at one of its nearby resistance levels before selling off and bringing altcoins down with it.<\/p>\n<p><em>\u201cBitcoin usually has a pretty significant sell-off sometime before the halving. I mean maybe it happens after the halving, I don\u2019t know. <\/em><\/p>\n<p><em>But the reason it happens, in my opinion, is because liquidity has gone. So I think the reason Bitcoin is going up right now, it\u2019s not because new money is coming into the space, because if new money was coming into the space\u2026 wouldn\u2019t the total market cap have gone higher? <\/em><\/p>\n<p><em>So the total market cap has stayed the same. The reason Bitcoin is going up is because people are converting their altcoins to Bitcoin, and that\u2019s why Bitcoin dominance is going up. But the issue is, at some point, all that liquidity in the altcoin market has been bled dry, so there\u2019s just no liquidity left in altcoins to buy Bitcoin.\u00a0<\/em><\/p>\n<p><em>And then when that happens, when Bitcoin goes into a risk-off environment again, and all this prior money that was sitting in the altcoin market that was there to scoop up \u2018cheap Bitcoin,\u2019 that money is gone and there\u2019s no longer a bid. <\/em><\/p>\n<p><em>There\u2019s no longer a bid for Bitcoin and then Bitcoin drops, it crushes the altcoin market, and then after that, after that final drop by Bitcoin, over the next three to six months you would actually altcoins to outperform. But right now we\u2019re still in the phase where alts are bleeding to Bitcoin, and at some point, we roll over and Bitocin crushes the altcoin market.\u201d<\/em><\/p>\n<p>At time of writing, BTC is trading at $30,734<\/p>\n<p><iframe loading=\"lazy\" title=\"You&#039;re WRONG About This Crypto Explosion! | Benjamin Cowen\" width=\"740\" height=\"416\" src=\"https:\/\/www.youtube.com\/embed\/whgwQrsE8GY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"color: #ffffff\">I<\/span><\/p>\n<p><em><span style=\"font-size: 13pt\">Don&#8217;t Miss a Beat \u2013 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/join-the-daily-hodl-email-list\/\">Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Check <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/crypto-markets\/\">Price Action<\/a><\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Follow us on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheDailyHodl\">Twitter<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/thedailyhodl\/\">Facebook<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.me\/thedailyhodl\">Telegram<\/a><\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Surf <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/daily-hodl-mix\">The Daily Hodl Mix<\/a><\/span><\/em><br \/>\n<\/p>\n<div class=\"hideinamp\">\n<p><a rel=\"nofollow noopener\" target=\"_blank\" class=\"maxbutton-4 maxbutton maxbutton-check-out-the-latest-headlines-bigger\" href=\"https:\/\/dailyhodl.com\/news\/\"><span class=\"mb-text\">Check Latest News Headlines<\/span><\/a><\/p>\n<p>&amp;nbsp<\/p>\n<h6>Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n<p><em><span style=\"font-size: 10pt\">Generated Image: Midjourney<\/span><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Top crypto analyst Benjamin Cowen says that historical precedent makes it likely that Bitcoin\u2019s (BTC) latest rally will lead to a dramatic correction before the real bull market kicks off. In a new interview with Crypto Banter, Cowen says that the reason Bitcoin is currently rallying is not because new capital is coming into the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":110797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-179329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=179329"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179329\/revisions"}],"predecessor-version":[{"id":179331,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179329\/revisions\/179331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/110797"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}