Crypto analyst Benjamin Cowen is sounding the alarm bells, warning that Ethereum and other altcoins could be headed for a major crash. He’s drawing parallels to the 2019 crypto market, suggesting that we might be seeing a repeat of the same pattern.
Altcoins on the Brink?
Cowen, who has a large following on YouTube, is looking at the “TOTAL3” chart, which tracks the market value of all cryptocurrencies except Bitcoin, Ethereum, and stablecoins. He’s noticing a striking similarity between the current chart and the 2019 chart.
“Back in 2019, altcoins had a dip, then a spike, and then another dip back down to their initial low,” Cowen explains. “The same thing is happening now. We’re seeing a dip, a spike, and then a potential drop back down to around $440 billion to $450 billion.”
Ethereum’s Troubling Pattern
Cowen isn’t just worried about altcoins. He’s also seeing a concerning pattern with Ethereum (ETH).
“ETH might bounce around for a while, but it could be headed back down to its trend line around $1,980,” he says. “This is similar to what happened in 2019, where ETH fell back into a wedge pattern after its price against Bitcoin dropped.”
What’s the Takeaway?
Cowen’s analysis suggests that the current crypto market could be on the verge of a significant downturn. He’s pointing to historical patterns and suggesting that investors should be prepared for potential losses.
Remember, this is just one analyst’s opinion.
It’s always important to do your own research and make informed decisions about your investments. The crypto market is notoriously volatile, and it’s essential to be aware of the risks. /p>
