Cryptocurrency Expert Benjamin Cowen Forecasts Prolonged Adjustment for Bitcoin, Advocates Immediate Changes for Altcoins
Let's Break It Down 🔍
Crypto analyst Benjamin Cowen recently shared his thoughts on the future of Bitcoin (BTC) and altcoins, surprising his hefty social media following of 1 million users on X. As it stands, Bitcoin is trading at approximately $105,092, but Cowen predicts some major price adjustments are on the horizon.
Cowen, known for his timely market calls, has his sights set on a potential multi-month correction for Bitcoin. He believes the digital coin will plummet below the support level of $100,000, retreating to the mid-$90,000 range. These levels are based on the 20-week simple moving average (SMA) and 21-week exponential moving average (EMA), which historically matter a lot when it comes to Bitcoin's price action.
What's driving this prediction? Well, Cowen noticed that Bitcoin tends to show some weakness during the mid-year period, with previous declines happening around August or September. So, unless we see an unprecedented rally from this gentle giant, a similar scenario might unfold come next summer.
But wait, there's more! This possible pullback in Bitcoin might lead to a brutal capitulation for altcoins, according to Cowen. He's warning that alt/BTC pairs should brace themselves for turbulence, as altcoins could face sharp declines in value relative to Bitcoin. The rise in Bitcoin's dominance, currently hovering above 65 percent, is a sign that capital may be flowing away from altcoins and into Bitcoin.
So, what does this mean for the crypto world overall? Well, shouts of "altseason" might have to wait for a bit longer, as Cowen estimates altcoins will face a rough patch for a while. The extended period of weakness for altcoins may stretch into late 2025 or even early 2026.
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Note: The insight provided above is intended for educational and informational purposes only and should not be considered investment advice. Always do thorough research before making any high-risk financial decisions, and never invest more than you're willing to lose.
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- Cowen's prediction of a potential multi-month correction for Bitcoin could trigger a brutal capitulation for altcoins, as their value relative to Bitcoin might significantly decrease.
- The prolonged period of weakness for altcoins, as predicted by Cowen, might postpone the much-anticipated altseason until late 2025 or even early 2026.
