Cryptocurrencies are relatively calm on Sunday, June 16, with BTC trading at $66,599. Some altcoins have turned positive again. Although investors experienced a major shock after the last Fed meeting, it shouldn’t last long. If leading indicators of inflation increase hopes, buyers may become active with the expectation that the recent low data will continue. So, what does Cowen say?
When Will the Altcoin Bull Run Happen?
Bitcoin has broken its all-time record, but most altcoins have not yet reached their ATH levels. However, many continue to hover around significant support levels. Cryptocurrency analyst Benjamin Cowen believes that those expecting a major rally in altcoins should not get their hopes up.
In his latest market assessment, the popular crypto analyst believes the altcoin bull run will not fully start until the Federal Reserve lowers interest rates. In the past, after the Fed started lowering rates, altcoins began to perform better than Bitcoin (BTC).
“In fact, many altcoins are declining, more are declining than rising, and that’s why the advance/decline index is falling again, and it also fell here just before the Fed’s rate cut in 2019.
It fell very, very quickly, and then of course the Fed started cutting in July, so I need to pay attention to this because many people continue to call for altseason and other things and for altcoins to permanently outperform Bitcoin, but we didn’t reach this stage in the last cycle until the Fed lowered rates.”
Should You Buy Altcoins?
If Cowen is right, it might be profitable for investors who missed the November 2022 bottom and are currently on the sidelines to refrain from buying. However, it should be remembered that analysts are often wrong and cannot predict the future. If they had the power to know everything that will happen in the future, they probably wouldn’t bother explaining it on YouTube for ad revenue.
“My expectation is that Bitcoin dominance will rise to around 60%. I think altcoins will continue to lose ground to the king…
As Bitcoin continues to absorb liquidity from the altcoin market, I wonder if you will see a significant increase in Bitcoin dominance in the coming months.”
