Crypto analyst Benjamin Cowen warns that Bitcoin and other cryptocurrencies are at risk of a significant downward correction, as they are following the same bear market patterns as in 2015 and 2019. Cowen shared a chart showing Bitcoin's year-to-date ROI overlaid with the average of the same metric for 2015 and 2019, and suggests that if history repeats itself, Bitcoin could drop to $23,000 later this year. Cowen also warns that altcoins are in a similar bear market bounce as in previous cycles, and that Bitcoin dominance will eventually continue due to net liquidity going back down.
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