One of the most respected crypto analysts has issued a warning that 2024 is not going to be a good year for altcoins.
Benjamin Cowen, a crypto-strategist, tells his 813,00 YouTube subscribers in a video that, based on past patterns, altcoins are likely to crash near the year’s end and surrender against Bitcoin (BTC).
Cowen believes that the capitulation coincides with a new cycle of interest rate cuts.
If you join the dots of last year’s cycle (2018, 2019 and 2020), you will see the trendline was tagged three times. The third time it appeared on the line, the line ended at the bottom.
This interest rate cycle and business cycle has been taking a bit longer. If you join the dots again, the third tag on the trendline might be reached by the end the year. And coincidentally, if this line is connected, the 0.25 mark will occur in Q4 – exactly the outcome I predicted: alt/Bitcoin pair capitulation before the year’s end.
“I think that there’s a good case for saying that Alt/Bitcoin pair will be rejected at 0.4%. They could even wick up a bit higher, but in the end, I believe they will reject and will return to range lows by the end of this year.”
Cowen believes that altcoins are also going to lose out to the leading crypto asset on market capital due to the low global net liquidity. He argues this is one of digital assets’ biggest drivers.
Net liquidity is a major factor that is causing the market to fall. If you take a look at global net liquidity, it’s been showing lower highs and lows over the past few months. You can also see that the alt/Bitcoin pair chart has broken down at exactly the same time as net liquidity.
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The post Benjamin Cowen: Altcoin Bleed Out by the End of Year? Here’s why may change as new information becomes available.
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