Benjamin Cowen, a crypto analyst and strategist known for his accurate predictions, claims that there are signs that Bitcoin (BTC) may have reached its peak with its recent price movement and issues a warning of a downturn for BTC and the rest of the crypto market.
“Downturn in Bitcoin Will Crush Altcoins”
Cowen stated on his YouTube channel that Bitcoin could drop by at least 8% from current levels and this could negatively impact altcoins. He said:
I believe it could go below the last dip level of around $25,000. The price dropping below this last dip level could be devastating for the altcoin market because the altcoin market tends to struggle to survive when Bitcoin is highly volatile. We were in an uptrend in the first half of the year, but it seems like this trend has now turned into a downtrend.
Cowen also commented on how low Bitcoin’s price could go and added:
The real question to ask is how much lower the price can go if liquidity decreases in the altcoin market and if Bitcoin really starts to decline. As I mentioned before, I think the first target could be around $23,000.
If Bitcoin repeats the scenario from 2019 and starts a upward movement from these dip levels in the next few days, then we might see another rally.
Current State of the Crypto Market
The largest cryptocurrency BTC is currently trading at $26,821 with a 0.88% decrease in the last 24 hours. Bitcoin’s market dominance, measured by its total market value of $1.05 trillion, is around 49.8%.
The altcoin king Ethereum (ETH) is changing hands at $1,560 with a 0.17% increase in the last 24 hours. It can be seen that all other altcoins, except Toncoin (TON), Bitcoin Cash (BCH), Chainlink (LINK), and Monero (XMR) on the top 25 altcoin list, have lost more than 1% and even exceeded this percentage.
