Popular crypto analyst Benjamin Cowen warns that the altcoin market is likely going to continue collapsing.
Cowen tells his 746,700 Twitter followers that despite the recent altcoin bloodbath he is predicting even deeper losses.
“As long as all these influencers keep publicly YOLOing large sums into altcoins, the altcoin reckoning will continue. They will tell you to buy the dip all the way down. The altcoin casino will remain open until all of the money is gone.”
According to Cowen, some altcoin projects will simply never recover in value and eventually go extinct.
However, he notes that the altcoin total market cap could still increase over time if new projects emerge.
“Because many altcoins will never recover. The collective altcoin market cap could eventually recover, but the alts you are buying now could just become relics, and people might not care about them next cycle. Next cycle, there will be new shiny altcoins people will care about.”
According to Cowen, the weakness of altcoins is evident by how many of the alts’ prices are currently lower than they were on March 16th, when Bitcoin was last trading at the $25,000 level.
He predicts Bitcoin (BTC) will outperform all digital assets.
“Look at where altcoins were on March 16th, the last time Bitcoin was at $25,000. Most (not all) are much lower today than they were back then.
During the pre-halving years, alts get rekt.
BTC dominance to 60%.”
Cowen says that the king crypto is likely to continue to gain on the Bitcoin dominance chart (BTC.D) and capture more of the crypto market cap.
“Bitcoin dominance is one of the most important metrics to follow in the cryptoverse.
Ignore it at your own peril.”
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Source: https://dailyhodl.com/2023/06/16/top-crypto-analyst-benjamin-cowen-issues-warning-on-altcoins-says-reckoning-to-continue-heres-why/