- According to a well-known cryptocurrency expert, the price of altcoins relative to Bitcoin (BTC) is going to collapse.
On the social networking site X, analyst Benjamin Cowen informs his 839,200 followers that cryptocurrency owners are going to suffer because he thinks the market is closely replicating the 2019 cycle.
When Cowen compared the overall market capitalization of altcoins (TOTAL3) to Bitcoin in April of this year, he concluded that the chart was an exact replica of the 2019 cycle.
Cowen said back then that once ALT/BTC pairs drop, there will be a further decline in Bitcoin, leading to a situation where altcoins give in to the US currency.
The analyst declares that “it’s time” for the market to witness an encore of the 2019 cycle after the ALT/BTC chart breaks support.
Soon, ALT/BTC pairs ought to ultimately collapse. They collapsed the previous cycle, one month ahead of the first rate drop, and the same thing might happen here.
According to CME’s FedWatch Tool, all traders and investors anticipate a rate reduction from the Fed for the upcoming month.
Additionally, according to Cowen, before altcoins see any respite, Bitcoin Dominance (BTC.D), which measures how much of the whole crypto market capitalization is held by BTC, will surge to 60%.
As of this writing, BTC.D is trading at 56.73%, meaning that if Cowen’s 2019 comparison holds true, altcoins will need to lose a significant amount of value relative to Bitcoin.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
