Cryptocurrency expert Benjamin Cowen thinks that based on past patterns, Bitcoin’s recent price surge will probably drop a lot before it really takes off.
In a recent interview with Crypto Banter, Cowen said that the reason why Bitcoin is going up in value is not because new money is coming in and making the prices higher.
Instead, the expert says that Bitcoin is going up because traders are exchanging their altcoins, which are more risky, for BTC. Cowen says that eventually, there won’t be much money in other cryptocurrencies, so Bitcoin won’t have as much support to keep going up in value.
The analyst who is watched closely predicts that BTC will likely get turned down at one of its resistance levels and then drop in value, which will also cause altcoins to decrease.
“Before the halving, Bitcoin often experiences a big drop in its value. ” I’m not sure if it will happen after the halving.
I think the reason it happens is because there is not enough money available. I believe Bitcoin is going up because more people are not investing in it. If new money was actually coming in, the total value of all bitcoins would have increased.
The total value of the market has not changed. Bitcoin is going up because more people are exchanging their other cryptocurrencies for Bitcoin, which is making Bitcoin more popular. However, the problem is that eventually all of the money in the altcoin market has been used up, so there is no more money available to buy Bitcoin.
And then, when Bitcoin is no longer popular, the money that was in the altcoin market to buy cheap Bitcoin is gone, so there are no more buyers.
No one wants to buy Bitcoin anymore, so its price goes down. This makes other types of digital money lose value too. But after Bitcoin’s price drops one last time, the value of other digital money should go up over the next three to six months. But for now, other cryptocurrencies are losing value compared to Bitcoin, and at some point, Bitcoin will dominate the market for other cryptocurrencies.
Currently, the value of BTC is $30,734.