Closely followed crypto analyst Benjamin Cowen explained that if cryptocurrencies enter a long-term bear market, the two altcoins may be worth considering.
In a recent strategy session, Cowen stated that altcoins are “too risky” in current market conditions and that only Bitcoin (BTC) and stablecoins are worth holding until the climate changes.
On the other hand, Cowen thinks there are two trends worth watching. First, it considers Binance Coin (BNB), the subsidiary token of global crypto exchange Binance.
“To give you two altcoin examples, I think the two trends are worth watching. There is the value of BNB/BTC, which I think has increased recently. It has rallied after 2018 lows, so I would like to see BNB/BTC reach a local high here in the next few weeks.”
At the time of writing, BNB/BTC is trading at 0.01 BTC ($290), 20% lower than its all-time high of 0.012 BTC or ($348.18).
The other altcoin is Chainlink, which it tracks on the Ethereum trading pair (LINK/ETH). The analyst states that LINK/ETH had a great performance in the bear market from mid-2018 to August 2020.
“There is also the LINK/ETH value which is interesting. This is a coin that I hold in my hand, it was ruined to the end. However, it performed really well against Ether in the last bear market and was actually in Bitcoin’s 200-day (moving average) rally.
Thus, after the low, Bitcoin hit 200-days in 2018. [hareketli ortalamaya] is back. Ether went nowhere, but then LINK went up and then LINK/ETH picked up and continued to rise.”
Cowen adds that if traders are patient, they will likely have the opportunity to enter the “accumulation phase of a lifetime” in the crypto markets.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.