The post Bitcoin Steady at $66,599 Amid Market Calm; Analyst Predicts Altcoin Surge Post Fed Rate Cut appeared on BitcoinEthereumNews.com.

Amidst a relatively stable market, Bitcoin (BTC) is trading at $66,599, reflecting a calmness in the cryptocurrency space. Following recent turbulence due to the Federal Reserve meeting, altcoins have shown positive momentum, stirring optimism among certain investors. Analyst Benjamin Cowen offers insights into the future trajectory of altcoin performance based on historical trends and current economic indicators. Discover when the next altcoin bull run might happen and the strategic insights you need to navigate current market conditions. Prospects for the Altcoin Bull Run Despite Bitcoin reaching its peak levels, the majority of altcoins are still trading below their highs, causing market participants to be cautious. According to Benjamin Cowen, a well-regarded cryptocurrency analyst, the exuberance for an imminent altcoin bull run may be premature. He asserts that a significant rally will likely not unfold until the Federal Reserve begins to cut interest rates once more. Historically, altcoins have shown stronger performance following these rate reductions. Federal Reserve’s Role in Altcoin Performance Cowen mentions, “The decline in the majority of altcoins is mirrored in the falling advance/decline index, echoing the period leading up to the Fed’s rate cut in 2019. This index saw a sharp decline before the Fed initiated rate cuts in July of that year. It’s essential to track these movements because the anticipation of an altcoin season dominating Bitcoin may be premature without a reduction in interest rates by the Fed.” Evaluating Altcoin Investments For investors considering entering the altcoin market, Cowen advises caution, particularly for those who missed the lows in November 2022. While he suggests holding off on altcoin purchases, he also acknowledges that predicting market movements is inherently uncertain. Analysts’ judgments are not infallible and should not be taken as guarantees of future performance. Market Timing and Investor Caution Investors are reminded to be wary…

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Filed under: News - @ June 16, 2024 8:12 pm