It has been just revealed the fact that the crypto analyst Benjamin Cowen dropped a massive Bitcoin prediction. Check out the latest reports about this below.
Bitcoin vs. memecoins
Benjamin Cowen, a respected crypto analyst, believes that Bitcoin (BTC) still needs to weed out several memecoins in the current market cycle.
In a recent YouTube video, Cowen shared with his 784,000 subscribers that BTC is currently trading above its 20-week simple moving average (SMA) and its 21-week exponential moving average (EMA).
These two averages form what Cowen calls the “bull market support band.” Cowen predicts that in August or September, Bitcoin will drop below this band, which could trigger a widespread correction in the broader altcoin market, including memecoins.
In my opinion, there is still a lot of low-quality cryptocurrency out there that needs to be eliminated. Bitcoin usually accomplishes this by closing below the 20-week SMA and the 21-week EMA in Q3 of the year before the halving.
However, if you believe that things will be different this time around, keep an eye on the stock market. If it corrects, it usually causes Bitcoin to fall below the 20-week SMA. If the S&P doesn’t correct, we might be in the clear.
It has also been revealed that, on the other hand, if it does correct, which often happens in August or September of a pre-election year, we can expect Bitcoin to close below the 20-week SMA, causing the altcoin market to suffer and maybe hit rock bottom in relation to Bitcoin.
Coinbase and Bitcoin in the news
Reports suggest that the US Securities and Exchange Commission (SEC) has instructed Coinbase to halt all cryptocurrency trading except for Bitcoin (BTC) until the regulator files charges against them.
Brian Armstrong, the CEO of Coinbase, has stated that the SEC did not provide any additional information regarding the suspension of trading for non-Bitcoin assets on the exchange.
Armstrong has shared that the SEC demanded Coinbase to remove all assets except for Bitcoin, claiming that all others were securities.
However, Armstrong disagrees with this interpretation of the law, and the SEC has not provided any explanation for their decision.
