Bitcoin New Price Prediction Is Revealed By Analyst Benjamin Cowen | CryptoGazette
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The latest reports note the fact that a popular analyst assesses how the stock market will be impacting the price of Bitcoin moving forward. Bitcoin has just begun to break its correlation with the global markets.
In a new strategy session, Benjamin Cowen said that while he expects the stock market to have a significant impact on the price of crypto assets, he highlights a new development that bodes well for BTC.
“One of the things that I think will probably dictate what crypto does to some extent is the stock market. What are the S&P and Nasdaq doing? What’s interesting to me is that the Nasdaq put in a lower low, but Bitcoin did not.”
He also said “I think that looks pretty good for Bitcoin.”
Cowen also believes that traders should monitor the performance of Bitcoin relative to the bull market support band as it can be a signal for altcoins to start rallying.
BTC’s bull market support band is currently hovering around $47,000 as the online publication the Daily Hodl notes.
At the time of writing, Bitcoin is trading at $44,109.
“The reason I care about it is because we know that the altcoin market behaves differently when we’re above it or below it. It doesn’t matter where it is, is the thing.”
He said that when BTC was above this level back in the summer of 2020, lots of people made massive amounts of money. He said that people were making money when BTC was $10k as well.
Volatility in the crypto markets
MicroStrategy’s Michael Saylor talks about he key factors that trigger volatility in the crypto markets.
MicroStrategy founder and CEO Michael Saylor has recently talked about the factors that he believes are contributing to the wild price swings in the crypto markets.
In a new interview with CNBC, the Bitcoin (BTC) bull made sure to explain that the lack of clear regulations plays a part in the volatility of crypto markets.
He believes that this specific factor allows investors to trade in ways typically not permitted when dealing with stocks and other traditional assets.
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