The cryptocurrency market has suffered losses under the influence of strong winds. A popular crypto analyst argues that despite the recent altcoin carnage, this is just the beginning. The analyst also warns of a possible collapse of Ethereum compared to Bitcoin.
“ The reckoning will continue in the altcoin market”
cryptocoin.com As you follow, the cryptocurrency market regulator is going through tough times under pressure. The US Securities and Exchange Commission’s (SEC) lawsuit against leading cryptocurrency exchanges Binance and Coinbase triggered a crash in the market. Just as he was saying ‘We have now seen the bottom’, the market became unable to raise its head with repeated blows. In this environment, popular crypto analyst Benjamin Cowen is not at all optimistic. The analyst suggests that the altcoin market will likely continue to crash. In this context, Cowen predicts even deeper losses despite the recent altcoin carnage. The analyst expresses his views on this issue as follows:
As long as all these influencers continue to invest huge sums in altcoins, the altcoin showdown will continue. They will tell you to buy all the drops. The altcoin casino will remain open until all the money is gone.
“ Many altcoins will never recover.”
Meanwhile, according to Benjamin Cowen, some altcoin projects will never rise in value. In fact, they will eventually disappear from the market. However, the analyst states that the total market cap of the altcoin may still increase over time if new projects emerge. Based on this, Cowen shares the following predictions:
Because many altcoins will never be able to recover. The total altcoin market cap may eventually recover. However, the altcoins you currently buy may become just relics. Also, people may not care about them in the next cycle. In the next cycle, there will be new shiny altcoins that people will care about.
Bitcoin will outperform the entire crypto market
According to the analyst, the weakness of altcoins is evident from the fact that the prices of most altcoins are currently lower than their prices on March 16, when Bitcoin last traded at $25,000. In this regard, the analyst makes the following assessment:
Bitcoin will outperform the entire crypto market. See where altcoins are on March 16, when Bitcoin last hit $25,000. Most (but not all) are much lower today than they were then. In the years before the halving, altcoins disappeared. BTC dominance climbed to 60%.
Source: Benjamin Cowen/TwitterThe analyst says that BTC will continue to gain on the Bitcoin dominance chart (BTC.D). He also predicts that it will capture more of the crypto market cap. In this context, the analyst said, “Bitcoin dominance is one of the most important criteria to be followed in the crypto world. Ignoring it puts you in danger,” she says.
The leading altcoin will collapse against Bitcoin!
Benjamin Cowen warns of a possible collapse of Ethereum compared to Bitcoin. The analyst says that the ETH/BTC pair will likely fall by more than 45% from its current value of 0.066 BTC to $1,650. According to Cowen, the ETH/BTC pair could ignite a recovery rally later this year after witnessing a deep pullback. The analyst shares the following assessment on this issue:
As I understand it, all we see in the ETH/BTC pair is a series of lower highs, at least in the short term. Now, I’ll remind you that over a longer period of time, we’ve seen a series of higher lows, but we’ve also had lower highs from 2017. So there is an element here that perhaps it’s time to think that an uptrend is more likely somewhere below (at 0.036 BTC level). And maybe we can start speculating about some kind of recovery here.
Source: Benjamin Cowen/YouTubeThe analyst also states that any chance of a rally for ETH/BTC is likely off the table until the corrective move is completed. In this context, Cowen makes the following statement.
However, if you want to argue that ETH/BTC is an oscillator and should go back here (0.019 BTC level) or will it eventually come back that way, I think this part will be a necessary component. Regardless, I think ETH/BTC should probably bounce back in the short term before we figure out its eventual trajectory.
