Crypto influencer Benjamin Cowen, the CEO and founder of Into The Cryptoverse, recently shared his thoughts on the current state of the altcoin market in a YouTube video. According to Cowen, many altcoins are currently experiencing unsystematic downtrends against Bitcoin, making the altcoin market too risky for his liking. While some may argue that the altcoin market is doing well, Cowen points out that it has yet to achieve a new local high, even as Bitcoin has rallied significantly over the past few months.
The volatile nature of the cryptocurrency market has sparked concerns among experts about the prospects of altcoins that fall below the bull market support band, specifically those positioned under the 20-week SMA and the 21-week EMA. With a flurry of speculation and hype surrounding the market, the number of altcoins available has surged, prompting warnings of an impending reckoning for these digital assets.
Cowen further provided his view on Bitcoin, which he believes is expected to experience a significant drop in value in the upcoming months leading to next year’s halving event. He highlights the historical pattern displayed by Bitcoin in the months before previous halvings, which is likely to repeat itself this time.
As per Cowen’s analysis, Bitcoin will undergo a final bout of volatility towards the end of this year, or at the latest, early next year, just before the halving event. This prediction is based on the belief that investors tend to become more cautious and sell their holdings in the months leading up to halving events, causing a temporary dip in Bitcoin’s value.
The altcoin market has been struggling to keep up with Bitcoin’s rally, with many experiencing unsystematic downtrends against the world’s largest cryptocurrency. This has led to concerns among experts about the prospects of altcoins that fall below the bull market support band, specifically those positioned under the 20-week SMA and the 21-week EMA.
According to Benjamin Cowen, the CEO and founder of Into The Cryptoverse, the altcoin market is currently too risky for his liking. While some may argue that the altcoin market is doing well, Cowen points out that it has yet to achieve a new local high, even as Bitcoin has rallied significantly over the past few months.
Cowen also shared his thoughts on Bitcoin, which he believes is expected to experience a significant drop in value in the upcoming months leading to next year’s halving event. This prediction is based on the historical pattern displayed by Bitcoin in the months before previous halvings, which is likely to repeat itself this time.
As per Cowen’s analysis, Bitcoin will undergo a final bout of volatility towards the end of this year, or at the latest, early next year, just before the halving event. This prediction is based on the belief that investors tend to become more cautious and sell their holdings in the months leading up to halving events, causing a temporary dip in Bitcoin’s value.
In conclusion, while the altcoin market may be experiencing some struggles in keeping up with Bitcoin’s rally, it is important to remember that the cryptocurrency market is highly volatile and unpredictable. It is up to investors to do their own research and make informed decisions when it comes to investing in digital assets.
