Investors bitcoin and while waiting for a big boom in altcoins, the well-known cryptocurrency analyst Benjamin Cowen’A frightening analysis came from
Altcoins The analyst, who warned his investors of a big drop, Ethereum (ETH) excluding altcoins BTC He claimed that he could experience a decrease of up to 40% against it.
Cowen, who shared a post on Twitter today, compared the situation of altcoins against BTC already in July 2019.
At this point, the analyst stated that July 2023 and July 2019 are similar, and if history repeats itself. ETH He stated that altcoins, except for Bitcoin, could experience an alarming collapse against Bitcoin.
Cowen shared his post showing the status of other altcoins excluding ETH versus BTC. Total 3 Index (Total 3 Index ) added the chart.
Commenting on the chart, Benjamin Cowen said that the chart shows that the value of altcoins against Bitcoin is approaching the critical support level, similar to the crash in 2019.
“In July 2019, altcoins were the same as they are today against Bitcoin.
While the timeframes don’t have to align perfectly, this chart shows that altcoins could collectively drop another 40% against BTC.
This chart does not mean that you can’t bounce occasionally in Altcoin/BTC pairs.
History shows us that price movements can be random from time to time. At this point, the intermittent recovery does not weaken the general macro thesis regarding the value of altcoins against BTC.”
In July 2019, altcoins were at the same valuation against #BTC that they are today.
While timeframes do not have to align perfectly, this chart still suggests that altcoins could collectively drop another 40% against BTC.
It’s called the altcoin reckoning for a reason. pic.twitter.com/6VHghFvbip
— Benjamin Cowen (@intocryptoverse) July 9, 2023
One of Cowen’s followers made a comment under this post, stating that Bitcoin, along with altcoins, also fell in the same period in 2019.
Acknowledging this fact, Cowen said that BTC could also fall in the second half of 2023, but BTCHe argued that there may be a more significant decrease in altcoins compared to .
Finally, Benjamin Cowen reiterated that he is behind the idea that altcoins can experience significant decreases against BTC, regardless of possible decreases in BTC.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!