In a turbulent market, Ben Cowen, the CEO and founder of Into The Cryptoverse, has sounded an alarm. On social media platform X, he’s provided unique views on the present situation of altcoins and the overall market scenario.
Benjamin Cowen Advises Not To Buy The Dip In Altcoins
Cowen warns us by looking back at past market behaviors, specifically pointing out the worrying similarities to the happenings of 2019. He emphasizes a key moment when Ethereum‘s value in relation to Bitcoin started to decline right before a significant 70% drop in the altcoin sector.
This precedent lays the groundwork for his worries about Ethereum’s recent decline in value relative to Bitcoin. Additionally, the ETH/BTC pair shattered its support two days ago, increasing the likelihood of following the previous price drop. Cowen’s remarks ignited a conversation among users.
An onlooker commented that several alternative coins (altcoins) have previously fallen by as much as 70%. Yet, Cowen issued a warning against potential further decreases. He emphasized, “A 70% drop for an altcoin doesn’t automatically mean it can’t decline by another 70%.”
According to Cowen’s perspective, Bitcoin’s influence in the cryptocurrency market is crucial and may reach up to 60%. Based on past trends, he highlighted that Bitcoin’s strength tends to correlate negatively with the performance of alternative coins, indicating potential instability for the altcoin market.
Although some individuals insist that we’re still in an uptrend for Bitcoin, Cowen firmly sticks to his assessment. He references Bitcoin’s remarkable gain in the first half of 2019, which was followed by a market downturn. Moreover, he emphasized that this surge occurred alongside broader economic signals like the Federal Reserve reducing interest rates and gold experiencing a significant increase.
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Matrixport Echoes The Sentiment
In his latest assessment, Cowen determined a possible base for Ethereum’s value relative to Bitcoin. This indicates that the market may experience an extended phase of stabilization. He stated, “The weekly close is now beneath the previous low from June 2022.” Additionally, Cowen predicts, “A potential Ethereum-to-Bitcoin ratio bottom could occur this summer, following the prolonged bear market that started in November 2021.”
Additionally, he pointed out that the previous two occasions when this occurred, the surrender stage lasted around 2-3 months. The decreasing ETH/BTC ratio might result in a significant drop for altcoins, as suggested by Matrixport in their recent post on X. Contrarily, some believe we are on the verge of an upswing for altcoins.
They strongly disagreed with those assertions due to Bitcoin’s increasing influence. In their words, “Despite significant price surges in some meme-coins and alternate currencies, the overall growth may still be in its early stages based on Bitcoin’s dominance level.” Matrixport further mentioned that this trend suggests a narrow bull market, with Bitcoin continuing to seize an even larger market share.
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2024-04-16 13:06