Bitcoin (BTC) may be due for a correction, according to crypto analyst Benjamin Cowen. In a recent video update for his YouTube subscribers, Cowen suggests that the price movement of gold could be indicating a significant dip for the leading cryptocurrency by market cap.

Cowen points out that in 2019, Bitcoin’s rally came to an end shortly after gold broke out to new highs. He believes that a similar scenario may be unfolding again. While some may argue that this time is different, Cowen remains skeptical, stating, “I mean maybe it is. I know a lot of people that I respect are calling for higher prices really soon and it’s possible that happens… I’m not going to sit here and say it can’t happen, but I would simply point out that gold broke out in 2019 and that’s ultimately where the Bitcoin correction started from.”

Cowen supports his thesis by highlighting that Bitcoin hit a fresh all-time high this year around the same time that gold experienced a breakout. He acknowledges that his view may not be correct, but he emphasizes that there hasn’t been a deviation yet. Referring to gold’s breakout in late February or early March, Cowen suggests that this is essentially where Bitcoin found a local top.

At the time of writing, Bitcoin is trading at $62,266, representing a decrease of over 3% in the past day.

Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and exercise caution when making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor.