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Analyst Specifically Expects the Crushing of Memecoins
Well-known crypto analyst Benjamin Cowen has revealed that he expects numerous memecoins, including Bitcoin (BTC), to be wiped out during the current market cycle. Here is the analyst’s warning regarding memecoins.
In his latest YouTube video, Cowen points out that Bitcoin’s price is currently above its 20-week simple moving average (SMA) and its 21-week exponential moving average (EMA). According to the analyst, when these two averages are considered together, they form what is known as the bull market support band.
Cowen predicts that Bitcoin will drop below the bull market support band in August or September, which could lead to a sharp decline in the overall altcoin market, including memecoins. He states:
If you think there’s still a lot of nonsense out there, I do. There are still plenty of memecoins that need to be cleared out. Normally, Bitcoin achieves this by closing below the 20-week SMA and 21-week EMA in the third quarter of the year before the block reward halving. If you think it’s different this time, then I would advise you to watch the US stock markets because if they show any signs of correction, that will be what pushes Bitcoin below the 20-week SMA.
If there is a correction in the S&P 500, maybe we can maintain the trend line, but if we experience the seasonal correction that we often see in August/September in pre-election years, then my expectation is for Bitcoin to drop below the 20-week SMA and for the altcoin market to be crushed against BTC pairs and possibly hit new lows against Bitcoin.
Current State of Bitcoin
The largest cryptocurrency, Bitcoin, is currently trading at $26,629, representing a 2.58% increase in the past 24 hours. Over the past 7 days, Bitcoin has risen by 1.34%, while it has dropped by 3.48% in the last 30 days.
Data indicates that Bitcoin’s trading volume has increased by over 50% in the past 24 hours, reaching $19.65 billion. This rise demonstrates a volume-supported increase.
