Popular crypto analyst Benjamin Cowen thinks the “altcoin reckoning” against Bitcoin (BTC) is bound to continue.
In a new YouTube video, Cowen tells his 784,000 YouTube subscribers that a lot of altcoins are in “systematic downtrends” against Bitcoin and will also put in new lows against the US dollar this year.
“Solana/Bitcoin, this is a great example. Every time it pumps up, everyone gets excited, and what happens? The move just gets faded, every single time. I mean I don’t really know how else to say it. I’ve been making the same video for a year and a half, and every single time we get these rallies, everyone comes out and says, ‘Oh well the altcoin reckoning, what was all that about?’ And then where are they a few months later, when that move was faded once again?
Look at AVAX/Bitcoin, right? Broke below these lows, rallied back up, guess where it got rejected from? The bull market support band. And now it’s just been putting in new lows for this cycle. MATIC/Bitcoin continuing to push lower. Litecoin/Bitcoin, continuing to push lower. UNI/Bitcoin, continuing to push lower. Maker/Bitcoin, slowly continuing to go lower. Just one lower high after another.
I say once again, the altcoin market, as a whole, is just collectively bleeding to Bitcoin.”
Cowen also predicts that Bitcoin will fade against the dollar across the second half of 2023. He says BTC could already have hit its highs, or it could see one more rally before turning downwards.
Bitcoin is trading at $27,660 at time of writing and is up more than 1% in the past 24 hours.
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