Altcoin Market Could Face Decline Compared to Bitcoin, Warns Cryptocurrency Strategist Benjamin Cowen
The altcoin market could be facing a decline compared to Bitcoin, according to cryptocurrency strategist Benjamin Cowen. In a recent video update, Cowen analyzed the TOTAL3 chart and warned of a bearish outlook for altcoins relative to Bitcoin.
Cowen pointed out that most altcoins are showing weakness compared to Bitcoin, with many setting new lows in their Bitcoin pairs. He believes that this could indicate an imminent devaluation in the short term, with alt/Bitcoin pairs potentially reaching final capitulation in May and June.
Drawing parallels to a pattern observed in 2019, Cowen suggested that the current situation mirrors a similar trend where alt/Bitcoin pairs rallied before ultimately capitulating in the summer months. He predicts that altcoins could see a final capitulation back to 25% of Bitcoin’s market cap.
As of the time of publication, Bitcoin was trading at US$63,215.68 with a 1% drop in the last 24 hours. It is important to note that the views expressed in the article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
