{"id":76266,"date":"2024-04-16T08:42:27","date_gmt":"2024-04-16T12:42:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=76266"},"modified":"2024-04-16T08:43:10","modified_gmt":"2024-04-16T12:43:10","slug":"expert-advises-against-buying-altcoins-dip","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/expert-advises-against-buying-altcoins-dip\/","title":{"rendered":"Expert Advises Against Buying\u00a0Altcoins Dip"},"content":{"rendered":"\n

Benjamin Cowen, CEO of Into The Cryptoverse, urged against buying the dip in altcoins<\/a>, predicting a further correction due to Bitcoin's gaining dominance.<\/p>\n\n\n\n

\"Expert<\/figure>\n\n\n\n

Amid a highly volatile market, Benjamin Cowen, the founder and CEO of Into The Cryptoverse, has issued a cautionary statement.<\/p>\n\n\n\n

By expressing his views on the social media platform X, he opposes the present condition of alternative coin offerings and the broader market environment.<\/p>\n\n\n\n

Benjamin Cowen Cautions Against Buying The Dip in Altcoins<\/h2>\n\n\n\n

Cowen commences his cautionary account by conducting a retrospective analysis of past market trends, detailing the disturbing parallels that arise regarding the events of 2019.<\/p>\n\n\n\n

He emphasizes the pivotal moment when the Ethereum-to-Bitcoin ratio experienced a decline shortly before the altcoin market entered a 70% correction.<\/p>\n\n\n\n

This precedent establishes the foundation for his apprehensions concerning the recent decline in the price of Ethereum relative to Bitcoin.<\/p>\n\n\n\n

Additionally, it is worth noting that the ETH\/BTC pair recently breached the support level two days ago, amplifying the likelihood of a retracement similar to the previous one.<\/p>\n\n\n\n

Users engage in a discussion sparked by the dialogue Cowen's commentary initiates.<\/p>\n\n\n\n

According to one observer, numerous altcoins have already undergone 70% declines.<\/p>\n\n\n\n

Despite this, Cowen advised against an additional decline. He noted, “Just because an alt has dropped 70% doesn't mean it can't drop another 70%.”<\/p>\n\n\n\n

At the core of Cowen's analysis lies the concept of Bitcoin dominance, which he forecasts may increase to sixty percent.<\/p>\n\n\n\n

By invoking past market cycles, he emphasized the abyssal nature of the correlation between the prevalence of Bitcoin and the performance of alternative cryptocurrencies.<\/p>\n\n\n\n

As a result, he predicts an impending period of instability in the altcoin industry.<\/p>\n\n\n\n

Despite claims put forth by certain users regarding the persistence of the bull market, Cowen maintains an unwavering stance in his analysis.<\/p>\n\n\n\n

He cited the meteoric rise of Bitcoin during the first half of 2019, which occurred before a correction in alternative cryptocurrencies.<\/p>\n\n\n\n

Moreover, he emphasized that the upswing occurred concurrently with macroeconomic indicators, including the rate reductions implemented by the Federal Reserve and the emergence of gold.<\/p>\n\n\n\n

Matrixport Echoes The Sentiment<\/h2>\n\n\n\n

Cowen identified a possible low for the Ethereum-to-Bitcoin ratio in a recent analysis.<\/p>\n\n\n\n

This indicates that a lengthy phase of market consolidation is imminent.<\/p>\n\n\n\n

He wrote, “We now officially have a weekly close below the June 2022 low.” Cowen added, “Potential bottom of ETH\/BTC this summer after being in a bear market since Nov 2021.”<\/p>\n\n\n\n

Moreover, he further added, “Timing can change, but the last 2 times this happened, the final capitulation process took 2-3 months.”<\/p>\n\n\n\n

Matrixport, a platform for digital assets, concurs that this deteriorating ETH\/BTC ratio could provoke a steep decline in altcoin liquidity.<\/p>\n\n\n\n

In a post on X\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Matrixport noted, “Some have argued that we should be on the cusp of an altcoin rally.”<\/p>\n\n\n\n

They vigorously denied such assertions, citing Bitcoin's growing prominence.<\/p>\n\n\n\n

They wrote, “Although there have been massive rallies in a handful of meme-coins<\/a> and altcoins, the broader upside could still be in its infancy according to the #Bitcoin dominance ratio.”<\/p>\n\n\n\n

Matrixport added that this signals that this bull market is very narrow, with Bitcoin gaining even more market share.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Benjamin Cowen, CEO of Into The Cryptoverse, urged against buying the dip in altcoins, predicting a further correction due to Bitcoin’s gaining dominance. Amid a highly volatile market, Benjamin Cowen, the founder and CEO of Into The Cryptoverse, has issued a cautionary statement. By expressing his views on the social media platform X, he opposes […]<\/p>\n","protected":false},"author":56,"featured_media":76279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[19154,1612,152,513],"class_list":["post-76266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin-correction","tag-altcoins","tag-bitcoin","tag-bitcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/04\/Expert-Advises-Against-Buying-Altcoins-Dip.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/76266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=76266"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/76266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/76279"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=76266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=76266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=76266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}