Altcoin Comment from Analyst: “Systematic Fall”

Popular crypto analyst Benjamin Cowen thinks that altcoins will continue to depreciate in Bitcoin pairs. In his latest market review, Cowen says many altcoins are in a “systematic downtrend” against Bitcoin and will hit new lows against the US dollar this year:

Solana/Bitcoin, this is a great example. Everyone gets excited every time it rises and what happens? Movement stays muted every time. So I don’t know how else to say this. I’ve been doing the same video for a year and a half and every time these rallies happen, everyone comes out and says, “Oh, altcoin showdown, what was all this?” says. So where are they when this movement fades once more a few months later?

Check out Avax/Bitcoin, OK? It went below these lows, rose again, guess where it was rejected? From the bull market support band. And now this is creating new lows for the cycle. MATIC/Bitcoin continues to drop. Litecoin/Bitcoin keeps falling. UNI/Bitcoin keeps falling. Maker/Bitcoin continues to drop slowly. Lower peaks one after another.

Cowen argues that the rise in altcoins will be temporary and will not make his investors happy. The depreciation of altcoins against Bitcoin has accelerated in the last 2 months. Altcoins, which have fallen harder while the Bitcoin price is falling, experience weak rises when BTC goes in the opposite direction. The volume in the markets is decreasing and investors do not want to take big risks with altcoins. Worse still, this is reminiscent of the sudden price crash of 2020:

Once again, the altcoin market as a whole is bleeding en masse to Bitcoin.

Cowen also predicts that Bitcoin will depreciate against the dollar in the second half of 2023. He predicts that BTC may have already hit its highs, but may head north for the last time before starting its downward move.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.