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Common crypto analyst Benjamin Cowen thinks the “altcoin reckoning” in opposition to Bitcoin (BTC) is sure to proceed.
In a brand new YouTube video, Cowen tells his 784,000 YouTube subscribers that loads of altcoins are in “systematic downtrends” in opposition to Bitcoin and also will put in new lows in opposition to the US greenback this 12 months.
“Solana/Bitcoin, it is a nice instance. Each time it pumps up, everybody will get excited, and what occurs? The transfer simply will get light, each single time. I imply I don’t actually understand how else to say it. I’ve been making the identical video for a 12 months and a half, and each single time we get these rallies, everybody comes out and says, ‘Oh effectively the altcoin reckoning, what was all that about?’ After which the place are they a number of months later, when that transfer was light as soon as once more?
Take a look at AVAX/Bitcoin, proper? Broke beneath these lows, rallied again up, guess the place it acquired rejected from? The bull market assist band. And now it’s simply been placing in new lows for this cycle. MATIC/Bitcoin persevering with to push decrease. Litecoin/Bitcoin, persevering with to push decrease. UNI/Bitcoin, persevering with to push decrease. Maker/Bitcoin, slowly persevering with to go decrease. Only one decrease excessive after one other.
I say as soon as once more, the altcoin market, as a complete, is simply collectively bleeding to Bitcoin.”
Cowen additionally predicts that Bitcoin will fade in opposition to the greenback throughout the second half of 2023. He says BTC might have already got hit its highs, or it might see yet one more rally earlier than turning downwards.
Bitcoin is buying and selling at $27,660 at time of writing and is up greater than 1% prior to now 24 hours.
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Disclaimer: Opinions expressed at The Day by day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in affiliate marketing online.
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