Crypto Strategist Predicts Bitcoin Plunge, Negative Impact on Altcoins
Crypto strategist Benjamin Cowen is cautioning investors about a potential downturn in the cryptocurrency market, particularly for Bitcoin (BTC) and altcoins. Cowen believes that Bitcoin may have reached a local top and could drop by at least 8%, which would have a significant impact on altcoins.
Cowen explains that if Bitcoin falls below the $25,000 mark, it could be devastating for the altcoin market. He points out that altcoins have struggled to maintain their valuations even during Bitcoin’s upward trend in the first half of the year.
Possible Targets for Bitcoin’s Decline
When discussing how low Bitcoin could potentially go, Cowen suggests that $23,000 could be an initial target. He draws comparisons to 2019 when Bitcoin experienced a similar pattern and hit new lows.
At the time of writing, Bitcoin is trading at $27,270.
Hot Take: Bearish Outlook for Bitcoin and Altcoins
Crypto strategist Benjamin Cowen warns that a potential plunge in Bitcoin could have devastating consequences for altcoins. He predicts that if Bitcoin falls below certain key levels, it could trigger a significant sell-off in the altcoin market. Cowen’s analysis suggests that Bitcoin might have already reached a local top and could drop by at least 8%. This would put altcoin valuations at risk, especially considering their struggles to maintain prices during Bitcoin’s previous upward trend. With uncertainty surrounding the market, investors should closely monitor these developments and be prepared for potential losses.
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