A well-followed analyst asserts that the genuine “altcoin season” is still forthcoming despite the most recent cryptocurrency correction. But will the expectations come to fruition?
Crypto strategist Benjamin Cowen, in his recent video update, urged his YouTube followers to rethink if they believe that altcoins could no longer continue to plunge after their steep pullbacks from last year. According to Cowen, the real altcoin capitulation is still impending. He said in his statements:
“Altcoin season is a serious matter. You shouldn’t laugh at it thinking that your altcoins have already dropped 80% (and they cannot continue to fall). The altcoin period can continue. But until Bitcoin dominance range is high, altcoins can’t even reach the penultimate stage of the altcoin season that has yet to occur.”
Earlier this month, Cowen had revealed that he was closely watching the Bitcoin dominance (BTC.D) chart. According to Cowen, the dominance level of the leading cryptocurrency rising over 49% could signal “risk aversion”. The Bitcoin dominance index tracks how much of the total cryptocurrency market capitalization belongs to Bitcoin. A rising BTC.D chart could indicate that Bitcoin is gaining a larger share of the crypto markets at the expense of altcoins.
As of writing, BTC.D is above the 49% level.
ETH/BTC Pair!
Benjamin Cowen continued to assert that his altcoin account would not end until the collapse of the Ethereum/Bitcoin (ETH/BTC) pair. The expert analyst stated:
“So where does the collapse end? For some, this will never happen. For others, it will happen and I’ve made my clear decision on where I think it will end. I guess it might end with the crash of the Ethereum/Bitcoin valuation. I think so too… I believe the ETH/BTC valuation will collapse and will probably bounce back, maybe rise again, and then fall… When will it happen? I don’t know. I would have told you five months ago, but there has been much more resistance in Ethereum than I thought, but this does not mean that it will not break down again in the end.”
