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Crypto currency market analyst Benjamin Cowen, closely watched for his insights, is once again making headlines. In his latest update, he notes that the altcoin market is weakening against Bitcoin, indicating a potential crash looming. Cowen emphasizes that all altcoins, except Ethereum and stablecoins, are losing value against Bitcoin in his analyses presented to nearly 800,000 YouTube subscribers.
Cowen Uses TOTAL3 Chart as Reference
With his unique analytical perspective, Cowen uses the TOTAL3 chart to evaluate the performance of altcoins against Bitcoin. According to his analysis, the general trend for altcoins is downward, which could lead to a serious crash in the coming weeks.
Cowen states, “Most altcoins are still heading towards new low levels against Bitcoin. It’s hard to find projects that reverse this trend or do not create new low levels. When you look at the division of TOTAL3 by Bitcoin, you can see that altcoins have made their recent upward movements. However, I believe this is the last rise before the ultimate capitulation of the altcoin/Bitcoin pairs.”
2019’s Observed Pattern May Repeat for Altcoins
According to the analyst, the current cycle could repeat the TOTAL3/Bitcoin pattern observed in 2019. After a low was set in May 2019, a final rise occurred in June, followed by a gradual decline in the markets. Cowen suggests that a similar pattern is currently valid and that altcoins typically lose value against Bitcoin during the summer months.
Cowen notes that investors tend to shift towards other activities during the summer, leading to lower volumes in the altcoin market. He believes the current situation could follow a similar course. The analyst predicts that altcoins have completed their recent rise but will soon decline again, which could lead to a final surrender in the market and an increase in Bitcoin’s dominance.
How altcoin investors handle Cowen’s assessment is crucial. However, ultimately, it is just a prediction. History may not always yield similar results. Moreover, altcoin projects have already made critical corrections recently. There are still crypto currencies that are 80% away from their peak levels. Therefore, while considering these warnings, it is also beneficial to evaluate based on the possibility of interest rate cuts in the US.
