A leading crypto analyst is warning his followers about possible Bitcoin (BTC) pitfalls as inflation data puts the pressure on the king crypto.
In a new strategy session, crypto trader Benjamin Cowen tells his 768,000 YouTube subscribers that core inflation is accelerating.
“With regards to Bitcoin, because I know, mostly, people are interested on this channel and in crypto in general because that’s what I mostly talk about, you can see it also doesn’t like the news. I spent so much of my time trying to figure out if we’re in this phase where we’re just sort of putting in lower highs, or whether we’re in this phase where the bottom is already in and we’re sort of slowly moving back up.
A lot of people think we’re [in both places]. It depends on where you measure the top from. I think it makes sense to still be cautious, as I’ve said before. I think it makes sense to still be cautious, especially under the macro conditions that we’re already under.
We’ll see what happens over the coming weeks as the market really starts to price in. One-hundred basis point rate hike, even though 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 for $20,390 at time of writing, down nearly 9% over the last 24 hours.
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