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Altcoins on Verge of 40% Crash Against Bitcoin (BTC), Warns Influential Crypto YouTuber

Mon, 07/10/2023 - 08:42
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Gamza Khanzadaev
Crypto guru Benjamin Cohen predicts altcoins' 40% plunge to Bitcoin (BTC)
Altcoins on Verge of 40% Crash Against Bitcoin (BTC), Warns Influential Crypto YouTuber
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Renowned crypto influencer and founder of IntoTheCryptoverse Benjamin Cowen has issued a warning to cryptocurrency investors, stating that altcoins could be on the brink of a significant downturn against Bitcoin (BTC). In a recent tweet, Cowen highlighted a concerning resemblance between the current altcoin valuation against BTC and the situation observed in July 2019.

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Cowen's tweet showcased a chart illustrating the Total 3 index, encompassing all cryptocurrencies, excluding Bitcoin and Ethereum, in relation to BTC. The chart visibly indicates a critical support level approaching, reminiscent of a similar occurrence in 2019.

Despite the potentially unsettling prognosis, Cowen clarified that occasional bounces in altcoin-to-BTC pairs should not be ruled out. He emphasized the stochastic nature of market movements and asserted that intermittent rebounds should not undermine the overall macro thesis on the altcoin-to-BTC ratio.

Down only?

One of Cowen's followers raised the point that Bitcoin itself experienced a decline during the same period in 2019. The astute analyst acknowledged this fact and reinforced his position by stating that while BTC may face a decline in the latter half of 2023, altcoins could suffer an even more pronounced drop. He stressed that ALT-to-BTC pairs are likely to experience significant downward pressure, irrespective of short-term fluctuations in BTC to USD.

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This warning comes at a time when the cryptocurrency market has been characterized by heightened volatility and market participants are keenly observing the movements of both Bitcoin and altcoins.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.