The cryptocurrency market is having a hard time under pressure. However, the leading crypto Bitcoin has clearly diverged from the market. BTC managed to protect above $30,000 and expanded its market dominance. The popular crypto analyst is warning his followers that the three altcoin projects will soon collapse against Bitcoin.
These 3 altcoins will likely be part of the next ‘showdown’
More than 50% drop possible in ADA/BTC
cryptocoin.com Regulatory pressure continues on the crypto market. However, the leading crypto Bitcoin is diverging from altcoins. Veteran analyst Benjamin Cowen suggests that Cardano (ADA), Solana (SOL) and another altcoin will soon collapse against Bitcoin. The analyst supports his prediction based on the past price movements of ADA, SOL and Polygon (MATIC). In this context, the analyst says that the 3 altcoins will show more weakness against the leading cryptocurrency.
Benjamin Cowen looks at the ADA first. The analyst predicts that the Ethereum (ETH) rival will likely fall more than 50% from its current value against Bitcoin (ADA/BTC), as it did in 2019. Cowen expresses his predictions on this issue as follows:
Exactly four years ago, ADA/BTC was at 900 sat (the same as today). About five or six weeks later, it was at 400 hours. The altcoin showdown can be brutal.
ADA/BTC price chart / Source: Benjamin Cowen / TwitterAt the time of this writing, ADA/BTC is trading at 0.00000903 BTC ($0.27).
SOL/BTC has been following the same pattern for almost the last two years
Benjamin Cowen then moves on to another Ethereum competitor, Solana. The analyst says that SOL has rallied to set new lows against Bitcoin (SOL/BTC) for about the past two years and this price action pattern will continue. In this context, Cowen makes the following statement:
SOL/BTC has been following the same pattern for almost the past two years. People pull back with every pumping. However, it eventually fades and makes new lows.
SOL/BTC price chart / Source: Benjamin Cowen / TwitterAt the time of this writing, SOL/BTC is trading for 0.000538 BTC ($16.33).
There is little support to prevent MATIC/BTC from crashing
Finally, Cowen warns that Polygon is trading at the lower end of a price range against Bitcoin. He predicts that if MATIC/BTC drops below the 0.0000170 BTC level, there will be little support to prevent it from collapsing. Based on this, the analyst shares the following comment:
MATIC/BTC is falling towards the lower part of the range. There isn’t much support below 1,700 sat for a while.
MATIC/BTC price / Source: Benjamin Cowen / TwitterAt the time of this writing, MATIC/BTC is worth 0.0000208 BTC ($0.63).
