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Famed cryptocurrency analyst and founder of IntoTheCryptoverse, Benjamin Cowen, warned cryptocurrency investors that altcoins could crash sharply against Bitcoin (BTC), suggesting they might be on the verge of a major downfall.
Analyst Cautions About a Massive Crash for Altcoins
Cowen recently stated in a tweet that the chart, which illustrates the total value of all altcoins against BTC, exhibits a worrying similarity to the crash in July 2019. The attached chart to Cowen’s tweet shows the Total 3 Index, which includes all altcoins except Ethereum (ETH). The price line in the chart is approaching a critical support level reminiscent of a similar collapse in 2019.
Despite the potentially alarming similarity, the analyst added that occasional jumps in the BTC parity of altcoins should not be disregarded. Underlining that price movements can occasionally behave randomly, Cowen noted that the intermittent recoveries do not weaken the overall macro thesis regarding the value of altcoins in BTC parity.
A Response to “Is There Only a Downfall on the Horizon?” with Intermittent Rises
One of the analyst’s followers pointed out that Bitcoin had also fallen during the same period in 2019. Acknowledging this fact, Cowen maintained his forecast by indicating that BTC might fall in the second half of 2023 but a more noticeable drop could be seen in altcoins. The analyst reiterated his expectation for all altcoins to move significantly downwards in BTC parity, irrespective of the short-term volatilities Bitcoin might show against the US dollar.
This warning comes at a time characterized by high volatility in the cryptocurrency market and when market participants are closely monitoring the price movements of both Bitcoin and altcoins.
According to data provided by crypto data platform CoinMarketCap, BTC is trading at $30,188, recording a 0.32% decrease in the last 24 hours. The biggest altcoin ETH is trading at $1,863 with a 0.25% decrease over the same period. At present, among the top 50 altcoins by market value, Binance Coin (BNB), BitDAO (BIT), Maker (MKR), UNUS SED LEO (LEO), Toncoin (TON), Bitcoin Cash (BCH) and XRP (XRP) are the only ones not trading in the red.
