Crypto Analyst Warns: Altcoins at Risk as Bitcoin Reigns
A prominent cryptocurrency analyst is sounding the alarm about the current state of most altcoins, suggesting they are facing significant downtrends that may keep them from revisiting their peak values indefinitely.
Benjamin Cowen highlighted that many altcoins are undergoing significant declines, which often go unnoticed due to Bitcoin’s relative stability.
Furthermore, Cowen emphasized the potential ripple effect on altcoins should Bitcoin experience a downturn.
He pointed out that despite the challenging conditions facing various altcoins, they remain overshadowed by Bitcoin’s relative resilience. Cowen’s analysis underscores that Bitcoin’s performance substantially impacts the broader cryptocurrency market.
He stressed that if you wish to invest in cryptocurrency in the period leading up to the next halving event, Bitcoin offers a compelling choice.
It provides exposure to potential gains while also managing risks associated with the altcoin market. Cowen debunked the notion that Bitcoin is immune to declines, citing historical instances of Bitcoin’s value decreasing.
In Cowen’s view, very few current altcoins will likely reach new all-time highs. He believes that while the overall altcoin market may eventually recover, the pertinent question is whether the specific altcoins individuals are investing in will rebound.
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He suggested that only a minority of them might achieve new peak values, while many could become obsolete.
Cowen also posited that the next bull market might commence with a substantial capitulation event affecting Bitcoin, essentially forcing out less committed investors before a strong upward move occurs.
He pointed to historical trends in Bitcoin’s price cycles and noted that past bull markets typically began following significant capitulation events.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
