Crypto analyst warns to remain cautious on Bitcoin as inflation data puts pressure on BTC
A top crypto analyst is warning his followers of possible Bitcoin (BTC) pitfalls as inflation data puts pressure on the crypto king.
In a new strategy session, crypto trader Benjamin Cowen tells his 768,000 YouTube subscribers that core inflation is accelerating.
“Regarding bitcoin, because I know people are mostly interested in that channel and crypto in general, because I mostly talk about it, you can see it doesn’t like the news either. I’ve spent so much time trying to figure out if we’re in that phase where we’re just kinda making lower highs or if we’re in that phase where the bottom is already in and we’re sort of slowly moving again up.
A lot of people think we are [in both places]. It depends on where you measure above. I think it makes sense to still be careful like I said before. I think it makes sense to still be cautious, especially in the macro conditions we’re already in.
We’ll see what happens in the coming weeks as the market really starts pricing in. A 100 basis point rate hike, while I don’t think that’s the most likely scenario, markets are now saying it’s at least something to consider. We’ll know soon enough.”
BTC is trading at $20,390 at the time of writing, down nearly 9% over the past 24 hours.
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