Analyst Benjamin Cowen predicts the Altcoin will disappear by the end of the year – here’s why

A broadly adopted crypto analyst warns that the remainder of 2024 would not precisely look very best for altcoins.

In a brand new video replace, crypto strategist Benjamin Cowen tells Its 813,000 YouTube subscribers point out that primarily based on historic patterns, altcoins will plummet and capitulate in opposition to Bitcoin (BTC) by the tip of the 12 months.

Cowen says the capitulation additionally coincides with the beginning of a brand new cycle of fee cuts.

“If you happen to join the dots from the final cycle, 2018, 2019 and 2020, you possibly can see that this trendline was truly tagged thrice and the third tag of the trendline lastly reached the underside.

We all know that this rate of interest cycle, this enterprise cycle, has lasted just a little longer and when you reconnect the dots – one, two and three – the third tag of the development line might truly occur in the direction of the tip of the 12 months and coincidentally. when you take a look at this trendline the place you join the dots, it comes out to 0.25 within the fourth quarter, which is precisely what I stated the ultimate final result may very well be: alt/Bitcoin pairs capitulate to the tip of the 12 months.

So I feel an argument will be made that alt/Bitcoin pairs are merely rejected at 0.4, they could nonetheless rise just a little bit above that, however finally I feel they are going to be rejected and they’ll come again to the lows of the vary earlier than the tip of the 12 months.”

In line with Cowen, altcoins may also come on the expense of main crypto property by way of market capitalization as a consequence of low internet international liquidity, which he believes is a giant driver for digital property.

“One of many issues you must think about is what’s driving this down, and maybe one of the crucial necessary issues is internet liquidity. So when you take a look at the worldwide internet liquidity strategy, you may see that it is truly been displaying decrease highs and decrease lows for some time now, and when you overlay this chart of alt/Bitcoin pairs, you possibly can see that fairly clearly. alt/Bitcoin pairs collapsed within the pretend out, whereas internet liquidity had a pretend droop.”

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