Renowned crypto analyst and trader, Benjamin Cowen, predicts a potential continuation of the altcoin market crash. Despite the recent drop, Cowen alerts investors of the likelihood of more significant declines, presenting the current slump as a mere prelude to a broader fall.
Altcoins to Disappear and be Replaced
Cowen released a worrisome prediction for altcoins, forecasting even greater losses in the face of the recent crash. He stated, “As long as all these influencers keep investing large amounts in altcoins, the altcoin reckoning will continue. They will tell you to buy all the dips. The altcoin casino will remain open until all the money runs out.”
According to Cowen, some altcoin projects will never gain value and will eventually cease to exist, significantly depleting the altcoin market value. He added that the introduction of new altcoin projects could boost the total market value of the altcoin market over time.
Bitcoin Dominance to Crush Altcoins
On the other hand, Cowen expects Bitcoin, the largest cryptocurrency, to outperform all other cryptos. He said, “Look at where altcoins were when Bitcoin was last at $25,000 on March 16. Most of them, not all, are far below their levels at that time. In the years before the halving, altcoins have always been in shambles. BTC dominance will rise to 60%.”
He expects the Bitcoin dominance chart (BTC.D) to keep rising, attracting a larger share of the total value of the crypto market and said, “Bitcoin dominance is one of the most critical charts to follow in the crypto world. Ignoring it puts you at risk.”
