A popular crypto analyst, Benjamin Cowen, is predicting that altcoins could experience a significant drop in value against Bitcoin.
Altcoins Still Have Room to Fall
Cowen, who has over 800,000 YouTube subscribers, says that the market capitalization of altcoins (excluding Ethereum and stablecoins) is showing bearish signs against Bitcoin. He believes that altcoins could fall even further, potentially reaching their lowest point in recent months.
“I don’t care how good you think your altcoin is, or how great the community is,” Cowen says. “In my experience, altcoins are essentially just oscillators against Bitcoin, and if that’s the case individually, then it’s also true collectively.”
Bitcoin Could Trigger Altcoin Collapse
Cowen points to historical patterns, suggesting that a Bitcoin price correction could trigger a sharp decline in altcoin prices. He explains that the last two times altcoins experienced significant drops, it happened shortly after Bitcoin failed to break through resistance levels.
“If Bitcoin gets rejected from its current highs, that could be the start of the altcoin devaluation,” Cowen warns.
What to Watch For
While the exact timing of a potential altcoin drop is uncertain, Cowen believes that the next few weeks will be crucial. He suggests keeping a close eye on Bitcoin’s price action and whether it can break through its current resistance levels.
Important Note: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions. /p>
