Renowned crypto analyst Benjamin Cowen has sounded alarm bells in a series of tweets about the altcoin market, predicting a prolonged period of decline. According to Cowen, the calculation for altcoins is far from over and he anticipates even bigger losses. The analyst attributes this ongoing reckoning to influencers who continue to encourage massive investments in altcoins, thus prolonging the market downturn. Cowen suggests that unless this trend changes, the altcoin casino will remain open until all funds are depleted.
Furthermore, Cowen warns that some altcoin projects may never recover their value, which could lead to their extinction. While the collective altcoin market capitalization may eventually pick up, he warns that current investments could become relics in future cycles as shiny new altcoins capture investor attention. Therefore, he urges caution when choosing altcoin investments, emphasizing the potential for drastic changes in market preferences.
cow too points that many altcoins are currently trading below their prices since March 16, when Bitcoin was last at $25,000. This vulnerability of altcoins amid market volatility strengthens Cowen's prediction of a continued recession.
However, he remains bullish on Bitcoin's performance, predicting that it will outshine other digital assets. Drawing on historical patterns, the analyst claims that altcoins often suffer significant losses during periods leading up to halvings. He Projects Bitcoin's dominance on the Bitcoin Dominance Chart (BTC.D) reaches 60%, indicating its growing market share.
Also read: Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Rise Again?
In conclusion, Cowen stresses the importance of monitoring Bitcoin dominance as a key metric in the crypto space. Neglecting this metric, he warns, could lead to adverse investment decisions. Understanding Bitcoin's dominance and its relationship to altcoins is crucial for investors looking to navigate the volatile market effectively.
