Crypto analyst Benjamin Cowen says that Bitcoin’s downtrend might not be as brief as some holders expect.
“Bitcoin’s likely going to keep bleeding against the stock market,” Cowen said The video was released on Thursday. It stated that there are high expectations from the new administration. “massive rotation” You may not be able to get the same value by converting metals, such as silver and gold, into cryptocurrency.
Gold and silver prices have risen to record highs, respectively $5,608.33, and $121.64. according Trading Economics.
Citi says silver prices will continue to rise
Citi predicted Silver could reach $150 in the next 3 months due to Chinese demand, and the US Dollar hitting a four-year low.
Cowen stressed that Bitcoin rotation is not a new concept. “probably not going to happen” Short-term:
In the crypto-market, many bet that new highs in gold and silver are a sign that Bitcoin will follow.
Bitcoin has fallen 7.78% in the last seven days to $82,859, at the moment of publishing. according CoinMarketCap.
This comes at a time when sentiment has declined in the wider crypto market. The Crypto Fear & Greed IndexThe.com website, which tracks overall cryptocurrency market sentiment. “extreme fear” The score is 16, which indicates investors’ extreme caution in the crypto-market.
Some analysts are more positive than others
Swyftx’s lead analyst Pav Hundal said to Cointelegraph the market could be at a pivot point. “We’re right on the cusp of where we’d traditionally expect to see re-risking back into Bitcoin.”
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“Bitcoin bottoms have historically lagged gold’s relative strength by about 14 months,” Hundal added that he expects to see the rotation in either February or March.
“If history repeats, and it is a big if, the gold-Bitcoin dynamic points to a potential BTC bottom forming over the next 40 days,” Hundal Said
Hundal noted that Bitcoin typically follows after gold in periods of stress.
“If that model isn’t broken, the tape should start to look less fragile by the end of the quarter,” “He said”
Andre Dragosch is the Bitwise Europe research head. said Bitcoins were mentioned on Jan. 19, 2019 in a X-post. “is trading at a steep discount to Gold on a relative basis.”
“These asymmetric setups are very rare,” He added that “if flows turn, Q1 2026 could be the inflection point.”
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Source: cointelegraph.com
