Altcoin Market Awaits an Unprecedented Reckoning, According to Leading Analyst Benjamin Cowen
Prominent crypto analyst Benjamin Cowen asserts that the true “altcoin reckoning” is still looming despite the recent correction in the crypto market. Cowen, addressing his extensive YouTube following, challenges the notion that altcoins have reached their bottom after experiencing significant retracements in the past year.
He emphasizes that the altcoin capitulation is yet to come, and it can persist until the dominance range high of Bitcoin is surpassed. Cowen closely monitors the Bitcoin dominance (BTC.D) chart, considering a break above 49% as a “risk-off” signal indicating a larger share of the crypto market shifting toward Bitcoin at the expense of altcoins. He believes the altcoin reckoning will only conclude with the collapse of the Ethereum/Bitcoin (ETH/BTC) valuation. Although unsure of the exact timing, Cowen anticipates an eventual decline in the ETH/BTC pair, leading to a substantial impact on the broader altcoin market.
Clever Robot News Desk 12th June 2023