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Benjamin Cowen is a well-known crypto influencer and analyst. In a new YouTube video, he makes a particularly shocking claim. According to him, many altcoins are in systematic downtrends against bitcoin. The details.
Altcoins to go down against Bitcoin
Since the beginning of the year, predictions have been going strong on altcoins. According to Benjamin Cowen, they find themselves in systematic declines against bitcoin. In a simpler way, altcoins is continuously devalued on their bitcoin pairs throughout this market cycle.
To illustrate his point, Benjamin Cowen took several examples of altcoins. He considers the Solana/Bitcoin pair to be by far the best example. According to Cowen, every time it inflates, the crypto market goes into a panic. However, movement claims every time.
This is quite true with AVAX/Bitcoin which broke below the bull market support band. There is also MATIC/Bitcoin which continues to decline. In addition there is Litecoin/Bitcoin which continues to push lower and Maker/Bitcoin which is slowly falling.
Benjamin Cowen’s forecast for bitcoin
In his video, Benjamin Cowen also gives his opinion on the future of bitcoin. According to this crypto analyst, the value of this crypto drop significantly in the coming months (in the second half of 2023). This downturn is certain to worsen before the expected half-life next year. However, Cowen argues that bitcoin may already be hit or may see another rally ahead of this drop in value.
To justify his analysis, Cowen continues the historical diagram displayed by bitcoin in the months leading up to the half of 2022. A pattern that is likely to repeat itself!
Based on this analysis by Benjamin Cowen, altcoin investors should be wary of the correlation between altcoins and bitcoin. Another point to remember: the systematic downtrend will not last forever. It’s just thattrend during a market cycle !
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it’s a universe I’m very interested in. And the topics covered in the platform give me the opportunity to learn more. A singer in my spare time, I have a great passion for music and reading (and animals!)
The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.