- Altcoins’ key bull market support band raises concerns about long-term viability.
- Bitcoin is expected to experience a significant drop in value before next year’s halving event.
- This prediction about BTC is because investors tend to become cautious and sell holdings before halving events, causing temporary dips.
Crypto influencer Benjamin Cowen, the CEO, and founder of Into The Cryptoverse, recently stated in a YouTube video that many altcoins are currently in unsystematic downtrends against Bitcoin, which makes him view the altcoin market as too risky.
As per Cowen, while some may argue that the altcoin market is doing well, the sobering reality is that it has yet to achieve a new local high, even as Bitcoin has rallied significantly over the past few months.
The volatile nature of the cryptocurrency market has sparked concerns among experts about the prospects of altcoins that fall below the bull market support band, specifically those positioned under the 20-week SMA and the 21-week EMA. With a flurry of speculation and hype surrounding the market, the number of altcoins available has surged, prompting warnings of an impending reckoning for these digital assets.
Cowen further provided his view on Bitcoin, which he believes is expected to experience a significant drop in value in the upcoming months leading to next year’s halving event. He highlights the historical pattern displayed by Bitcoin in the months before previous halvings, which is likely to repeat itself this time.
As per Cowen’s analysis, Bitcoin will undergo a final bout of volatility towards the end of this year, or at the latest, early next year, just before the halving event. This prediction is based on the belief that investors tend to become more cautious and sell their holdings in the months leading up to halving events, causing a temporary dip in Bitcoin’s value.
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