Analyst Benjamin Cowen just issued a warning to traders looking to capitalize on the altcoin market.
On a new episode of The Milk Road Show, Cowen says altseason is typically elusive until November at the earliest – and until then, yet another short-term decline against Bitcoin (BTC) may unfold.
[adinserter block="1"]“If you’re going to see alts start to rally against Bitcoin, it’s probably going to start in early November, but you could still have another wick down as late as early December.
So you could have a wick down to, you know, 0.27 for alt Bitcoin pairs even six weeks from now and you could still end up getting an alt season as you can see in the last cycle.”
If altcoins do rally in the coming months, Cowen says they will have to act fast because he believes Bitcoin will top out by the end of the year.
“As I’ve said for years, in the 2017 cycle all Bitcoin pairs hit this wick right here in early November? They went to 0.25 in early November which is still three weeks from now and still they rallied to 1.34 in the matter of a couple of months.
The alt season, when it happens, it happens so quickly that you don’t even really have time to think about it, right?”
Bitcoin is trading at $108,915 at time of writing.
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