According to Benjamin Cowen, CEO and founder of Into The Cryptoverse, the altcoin market is in a systematic downtrend against Bitcoin, making it very risky. In a recent YouTube video, Cowen expressed his concerns about the volatile nature of the cryptocurrency market. According to the analyst, especially altcoins that fall below the bull market support band cause many to see the market as too risky. Here are the analyst’s expectations for coins such as MATIC, AVAX, SOL…
Benjamin Cowen points to extensive Bitcoin and altcoin collapse
Cowen argues that while some argue that the altcoin market is doing well, it is a sad fact that Bitcoin has not yet reached a new local high, even though it has risen significantly over the past few months. Cowen also shared his views on Bitcoin, which he believes will experience a significant drop in value in the coming months, stating that this drop will be in preparation for next year’s halving event. The analyst underlines the historical pattern that Bitcoin exhibited in the months before the halvings and is likely to repeat this time around.
Based on his analysis, Cowen predicts that Bitcoin will experience a final surge towards the end of this year or, at the latest, early next year, just before the halving event. This prediction is based on the belief that investors tend to be more cautious and sell their holdings in the months before halving events, causing a temporary drop in Bitcoin’s value.
MATIC, AVAX, SOL suffer losses
Cowen’s concerns about the altcoin market are not unfounded, as many altcoins are currently battling against Bitcoin. Cowen cited Solana/Bitcoin, AVAX/Bitcoin, MATIC/Bitcoin, Litecoin/Bitcoin, UNI/Bitcoin and Maker/Bitcoin as examples. According to Cowen, the altcoin market as a whole is bleeding out against Bitcoin. Cowen predicts that BTC could depreciate against the dollar in the second half of 2023. He suggests that BTC may have already hit its highs or see another rally before it turns downwards.
The surge in the number of altcoins available has prompted warnings of an impending “showdown” for these cryptoassets. Experts are concerned about the prospects for altcoins falling below the bull market support band, especially those positioned below the 20-week SMA and 21-week EMA. Cowen’s warning of the altcoin market came amid growing concerns about the volatile nature of the cryptocurrency market. Due to the speculation and deception surrounding the market, many experts are warning investors to be cautious about investing in crypto assets.
As a result, the cryptocurrency market remains highly volatile, as we’ve reported on Cryptokoin.com. Investors should be careful when investing in crypto assets. As Bitcoin continues to drop, many altcoins are struggling against it and experts are warning of an impending showdown for these crypto assets. As always, investors should do their own research before investing and only invest as much as they can afford to lose.
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