Will Altcoins Experience a Rebirth?
Renowned analyst Benjamin Cowen predicts that many altcoins may not survive the year-long crypto winter. According to Cowen, altcoins will plateau and face a difficult period in the months ahead, extending into 2024. However, he believes that some altcoins will reveal their true value during this time, while others will disappear or fail to reach new all-time highs in the next bull market. Cowen points out that this pattern has occurred in previous cycles.
Fed Will Be Biggest Altcoin Influencer
Cowen’s analysis emphasizes the significant role played by the US Federal Reserve (Fed). He argues that the Fed’s monetary policy has a profound impact on the cyclical behavior of altcoins. Cowen suggests that an altcoin Renaissance will only occur once the Fed pivots its policy. However, he does not expect the central bank to change its course in the near future. Any alteration in the Fed’s policy would likely be accompanied by a recession, which is generally bearish for altcoins and Bitcoin.
Hot Take: Altcoins Face Uncertain Future Amidst Crypto Winter
As the crypto winter persists, Benjamin Cowen’s analysis raises concerns about the survival of altcoins. While some may demonstrate their value during this challenging period, others could vanish or struggle to achieve new all-time highs in future bull markets. The influence of the US Federal Reserve looms large over altcoin performance, with any potential pivot in monetary policy likely to impact their fortunes. As investors navigate this uncertain landscape, it remains crucial to monitor market conditions and consider the broader economic context when making decisions regarding altcoins.
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