A widely followed crypto analyst is warning that a US Federal Reserve interest rate cut may not spark a bullish market for Bitcoin (BTC).
In a new video update, crypto trader Benjamin Cowen tells his 787,000 YouTube subscribers that historical patterns suggest a Fed rate cut would result in a downward trend for both the S&P 500 (SPX) and Bitcoin.
“With the S&P 500 going higher as rates were going higher [between 2016-2018], so, too, Bitcoin was going higher as rates were going higher.
Now, what you’ll notice last cycle is that at this [December 2018 BTC] bottom it actually corresponded to the Fed pausing rates, it corresponded to a pause. And the top that came in 2019 occurred before the first rate cut.