Experienced cryptocurrency analyst Benjamin Cowen, who has millions of followers on popular social media platforms, has made a striking prediction that many altcoins, including Ethereum, Shiba, XRP, DOGE, AVAX, and Solana, are facing a new collapse without any recovery this year. According to the analyst, several altcoins will disappear from the market with the upcoming collapse.
Altcoins Heading Towards a New Collapse Period
Cryptocurrency analyst Benjamin Cowen stated in his recent strategy session that there is an upcoming altcoin confrontation on the horizon and many altcoins will never rise again. He said:
Although I believe that the altcoin market as a whole will eventually rise, it is highly likely that many altcoins will not be a part of it. Some may disappear, and some may eventually reach new highs.
Unfortunately, many of them will probably not see new highs, and thus, we may face a scenario where the altcoin market spends some time in the range of $323.5 billion, possibly drops back to the range of $290 billion, and then collapses even further with a depression phase that will emerge before 2024.
Towards an Altcoin Renaissance
According to the analyst, altcoins will experience a renaissance after the depression phase when the US Federal Reserve (Fed) changes its monetary policies. Cowen also mentioned that he expects the Fed to reverse its monetary policy next year, stating:
I believe the depression phase is coming, and then we will see an altcoin renaissance, but this is unlikely to happen until the Fed changes its course. I don’t think the Fed will change its monetary policy this year. They may take a step this year, but I don’t think they will take significant steps.
If they step back this year, it doesn’t mean that the altcoin market will immediately rise. The possibility of a rise may take some time because if they step back this year, they will only take very limited steps.
