Altcoins
Altcoins Still Have a Long Way to Go to Compete with Bitcoin, Says Analyst Benjamin Cowen — Here’s His Timeline
A widely followed crypto analyst warns that altcoins could still suffer an even deeper correction against Bitcoin (Bitcoin).
In a new video update, crypto strategist Benjamin Cowen tell its 803,000 YouTube subscribers than the weekly TOTAL3 chart, which tracks the market capitalization of all altcoins minus Ethereum (ETH) and stablecoins, appear bearish against Bitcoin.
“Altcoins are potentially just weeks away from really breaking that support and going down to the range lows. And you should know that my base case is that altcoins are going to bleed into their Bitcoin pairs all the way down to those range lows. I don’t care if you think your altcoin is the greatest thing in the world. I don’t care how big the community is. In my own experience, altcoins are at best oscillators against Bitcoin individually. And if they’re at best oscillators individually, then collectively they’re at best oscillators. So because of that, I still think altcoins have a long way to go relative to Bitcoin.”
Source: Benjamin Cowen/YouTube
Cowen says that if recent history repeats itself, the alternative market could collapse if Bitcoin retests its range highs, but fails to turn them into support.
“The big question now is, is this movement happening during a Bitcoin rally or a Bitcoin drop? And that’s honestly the hardest part to understand. If you actually look at the last two times that alt/Bitcoin pairs have had these larger declines, April 8th and June 17th, that was right after Bitcoin was rejected from the highs, that was right after Bitcoin was rejected from these highs here. So if this continues like this, and Bitcoin gets rejected and it makes a lower high, that could very well be the actual start of the alt/Bitcoin devaluation.”
Source: Benjamin Cowen/YouTube
At the time of writing, Bitcoin is trading at $65,675, down slightly over the past 24 hours.
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