Famous analyst Benjamin Cowen says many altcoins probably won’t survive the year-long crypto winter. According to the analyst, another difficult period awaits smaller altcoins in the coming months, towards 2024. On the other hand, today TRB made an explosion and defied the winter. Crypto analyst Valdrin Tahiri says TRB has a bullish outlook.
Will Altcoins Experience a Rebirth?
According to Benjamin Cowen, some altcoins will reveal their true value in the interim period, while others will disappear. Even if that doesn’t happen, these won’t record an all-time high in the next bull market. The analyst suggests that this trend has also occurred in previous cycles. Cowen argues that not all cryptocurrencies can reach all-time highs like Bitcoin (BTC) in bull markets.
Total market value estimate | Source: YouTube / Benjamin CowenFed will be the biggest influencer on altcoins
The US Federal Reserve (Fed) plays a key role in Cowen’s analysis. According to the analyst, the Fed’s monetary policy deeply affects the cyclical behavior of altcoins. In this context, Cowen said, “I think this is the depression phase. I think this is coming. I think there will be an altcoin Renaissance from now on. But that won’t happen until the Fed changes course.” says. The analyst does not believe the US central bank will change its current course. He expresses his views on this subject as follows:
There is a possibility that they will change direction this year. But I don’t think they will change it. If they change direction this year, it does not mean that the altcoin market will immediately rise.
According to the analyst, the only reason why the Fed would change its policy would be problems in the US economy. Cowen said: “The fight to control inflation is not over. Because prices continue to rise,” he adds.
TRB price prediction: Wave number predicts local top
Technical analysts rely on Elliott Wave (EW) theory to identify recurring long-term price patterns and understand investor psychology. This theory ultimately helps in their ability to predict the direction of a market trend. According to EW theory, the altcoin price is in the fifth and final wave of an upward move. The most striking part of this formation is the presence of a symmetrical triangle in the fourth wave. This is the most common pattern in this wave. It also adds legitimacy to the possibility that this is an accurate count.
Among altcoins, it is possible for TRB’s price to reach a local peak above $58-60. The peak is found by the 1.61 outer Fib retracement of the fourth wave (black) and the 0.618 length of the first and third waves (white). The principle behind Fibonacci retracement levels suggests that after a significant price movement in one direction, the price will retrace or partially return to a previous price level before continuing in its original direction. We use these levels to identify the high point of potential future uptrends. If the wave extends, the next most likely peak will be between $72.50 and $76. This is 50% above the current price.
Despite this bullish TRB price prediction, a close below $45 on the daily chart would be a strong sign that a top is already within. In this case, it is possible for the altcoin price to drop by 30%. Thus, it is likely to reach the $35 support area.
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