Common crypto analyst Benjamin Cowen thinks the “altcoin reckoning” in opposition to Bitcoin (BTC) is certain to proceed.
In a brand new YouTube video, Cowen tells his 784,000 YouTube subscribers that a variety of altcoins are in “systematic downtrends” in opposition to Bitcoin and also will put in new lows in opposition to the US greenback this yr.
“Solana/Bitcoin, it is a nice instance. Each time it pumps up, everybody will get excited, and what occurs? The transfer simply will get light, each single time. I imply I don’t actually understand how else to say it. I’ve been making the identical video for a yr and a half, and each single time we get these rallies, everybody comes out and says, ‘Oh nicely the altcoin reckoning, what was all that about?’ After which the place are they a number of months later, when that transfer was light as soon as once more?
Have a look at AVAX/Bitcoin, proper? Broke under these lows, rallied again up, guess the place it acquired rejected from? The bull market help band. And now it’s simply been placing in new lows for this cycle. MATIC/Bitcoin persevering with to push decrease. Litecoin/Bitcoin, persevering with to push decrease. UNI/Bitcoin, persevering with to push decrease. Maker/Bitcoin, slowly persevering with to go decrease. Only one decrease excessive after one other.
I say as soon as once more, the altcoin market, as an entire, is simply collectively bleeding to Bitcoin.”
Cowen additionally predicts that Bitcoin will fade in opposition to the greenback throughout the second half of 2023. He says BTC might have already got hit its highs, or it might see another rally earlier than turning downwards.
Bitcoin is buying and selling at $27,660 at time of writing and is up greater than 1% up to now 24 hours.
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