A popular crypto analyst is sounding the alarm for altcoin holders. Benjamin Cowen, who has a huge following on social media, believes altcoins are about to take a major hit against Bitcoin.
Following a 2019 Pattern
Cowen sees a striking resemblance between the current market and the 2019 crypto cycle. He’s been tracking the total market cap of altcoins (TOTAL3) against Bitcoin and sees a clear pattern.
Back in 2019, Cowen predicted that altcoins would crash against Bitcoin, leading to a broader correction in the crypto market. He’s now seeing the same pattern play out, with altcoins losing ground against Bitcoin.
Time for a Repeat?
Cowen believes this trend is about to continue, with altcoins facing a significant decline. He points to the fact that the Federal Reserve is expected to cut interest rates soon, which could trigger a similar market crash as seen in 2019.
Bitcoin’s Rise
Cowen predicts that Bitcoin’s dominance in the market will surge to 60% before altcoins see any relief. This means altcoins will need to lose a lot more value against Bitcoin for this prediction to come true.
Important Note: This is just one analyst’s opinion. The crypto market is highly volatile and unpredictable. It’s crucial to do your own research and consult with a financial advisor before making any investment decisions.
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