Crypto analyst Benjamin Cowen predicts a significant drop in the value of altcoins relative to Bitcoin. He shared this prediction with his 900,000 YouTube followers.
Altcoin’s Downward Trend
Cowen’s analysis centers on the TOTAL3 chart, which tracks the total market cap of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins. He points out that this chart shows a persistent downtrend against Bitcoin, and a bottom hasn’t been reached yet. He believes that altcoins, as a whole, will continue to lose value against Bitcoin.
He stated, “I don’t care how great you think your altcoin community is… Altcoins, in my opinion, are oscillators at best against Bitcoin, and many of them just bleed to Bitcoin.” He anticipates a significant drop, potentially to the 0.25 level against Bitcoin.
A Multi-Year Downtrend
Cowen highlights that this isn’t a short-term dip; altcoins have been in a multi-year decline against Bitcoin, with no clear signs of a reversal. He emphasizes that the current trend shows people are steadily converting their altcoins into Bitcoin. He cited the new low reached on June 1st as evidence against any previous predictions of an altcoin market recovery.
Current Market Situation
Currently, the TOTAL3/BTC ratio sits at 0.33. Cowen can’t pinpoint the exact timing of the predicted drop, but the trend is clear to him. The chart, he says, speaks for itself.
Disclaimer: This information is for general knowledge and shouldn’t be considered financial advice. Always do your own research before investing in cryptocurrencies.
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