A widely-supported analyst says that despite the latest cryptocurrency fix, the real “altocoin reckoning” is still on the horizon.
Crypto Strategist Benjamin Cowen in New Video Update To tell His 783,000 YouTube subscribers believe that those who believe that altcoins will not continue to fall after a significant retracement over the past year need to think again.
According to Cowen, the true surrender of altcoins is yet to come.
“Altcoin math is serious. Don’t laugh at it because you thought your altcoin was. [are] already down 80% [and they] You can’t keep dropping.
The altcoin calculations can go on and on and altcoins only reach the penultimate stage of the altcoin calculations after breaking out of the (Bitcoin’s) dominance range high, it hasn’t happened yet. “
Earlier this month, Cowen said he was closely monitoring the Bitcoin Dominance (BTC.D) chart. According to Cowen, a “risk off” signal is signaled when the dominance level of a cryptocurrency mogul rises above 49%.
The Bitcoin Dominance Index tracks how much of the cryptocurrency market capitalization belongs to Bitcoin. BTC.D’s bullish chart suggests Bitcoin is taking a bigger share of the cryptocurrency market at the expense of altcoins.
At the time of writing, BTC.D is hovering above 49%.
Cowen went on to say that he believes the altcoin reckoning will not end until the Ethereum/Bitcoin (ETH/BTC) trading pair collapses.
“So where does it end? Well, for some it never will. I think it will be over once Bitcoin’s valuation collapses, and that’s what I think…
I think so [ETH/BTC valuation] It will collapse, possibly fall again, possibly bounce back, and then plummet.
When will that happen? I don’t know. As I wanted to tell you five months ago, Ethereum is much more resilient than we expected, but that doesn’t mean it won’t eventually collapse. “
At the time of writing, ETH/BTC is trading at 0.067 BTC ($1,728).
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