Altcoin
Altcoins Still Have a Long Way to Go Against Bitcoin, Says Analyst Benjamin Cowen – Here’s His Timeline
A widely followed cryptocurrency analyst warns that altcoins could still correct further against Bitcoin (BTC).
In a new video update, cryptocurrency strategist Benjamin Cowen tells its 803,000 YouTube subscribers that the TOTAL3 weekly chart, which tracks the market cap of all altcoins excluding Ethereum (ETH) and stablecoins, appears bearish towards Bitcoin.
“Altcoins are potentially a few weeks away from actually breaking this support and going down to the lows of the range. And you should know that my base case is that altcoins are going to bleed their Bitcoin pairs at these lows of the range. I don’t care if you think your altcoin is the best thing in the world. I don’t care how big the community is. In my experience, altcoins are oscillators against Bitcoin at best individually. And if they are oscillators individually at best, then collectively they are oscillators at best. So for that reason, I still think altcoins have a long way to go against Bitcoin.”
Source: Benjamin Cowen/YouTube
Cowen argues that if recent history repeats itself, the alternatives market could collapse if Bitcoin retests range highs, failing to flip them into support.
“The big question now is does this move come on the back of a Bitcoin rally or a Bitcoin crash? And that’s honestly the hardest part to figure out. If you actually look at the last two times that alt/Bitcoin pairs had these larger drawdowns on April 8th and June 17th, it actually happened right after Bitcoin rejected from the highs, right after Bitcoin rejected from these highs here. So if it follows suit again and Bitcoin gets rejected and makes a lower high, that could very well correspond to the actual start of the alt/Bitcoin devaluation.”
Source: Benjamin Cowen/YouTube
At the time of writing, Bitcoin is trading at $65,675, down slightly over the past 24 hours.
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