Altcoin Market Decline Hits Final Act, Bottom Expected: Analyst
The post Altcoin Market Decline Hits Final Act, Bottom Expected: Analyst appeared on BitcoinEthereumNews.com.
Este artículo también está disponible en español. After enjoying a mini price run in the last week of October, Bitcoin’s price has corrected below $68k to start the first week of November. While this is normal price action for Bitcoin, this trend also impacts the crypto industry, particularly altcoins. Historical patterns suggest that altcoins’ performance highly depends on Bitcoin’s price action. BTC’s market dominance has hit 60%, affecting altcoin market performance and restricting its price rallies. Related Reading A crypto analyst, Benjamin Cowen, expects that altcoins will face a steep decline, probably in early 2025, before recovering. In a post, Cowen argues that the market will first witness a substantial loss in value for altcoins before signs of recovery emerge. According to Cowen, the altcoin market will face “a reckoning,” and holders and traders can expect the correct to happen by December 2024 or early January 2025. It looks like the grand finale of the altcoin reckoning has finally arrived. The altcoin reckoning should be over by December 2024 (2nd week of January 2025 at the latest). It has been a long journey, and many gave up along the way, but this process was always going to play out pic.twitter.com/WRVUvIHDTt — Benjamin Cowen (@intocryptoverse) November 3, 2024 Altcoin Market Revisits 2019 Price Action In a YouTube video, Cowen predicted the price action of altcoins after reviewing Bitcoin’s price and historical trends. The ITC Crypto founder explained that an altcoin market rally will not happen soon due to Bitcoin’s current performance and market conditions. Data suggests that altcoins are losing ground to the world’s top asset, and altcoins can only be appreciated if Bitcoin enjoys a parabolic run. According to Cowen, altcoins’ current market condition is similar to what happened in the bear market in 2019. Altcoins were bearish during this period…
Filed under: News - @ November 5, 2024 4:26 pm