Analyst Warns of Possible Altcoin Decline Based on 2019 Pattern
CryptoNewsTerminal Staff05 Aug, 2024
Analyst Warns of Possible Altcoin Decline Based on 2019 Pattern
Benjamin Cowen, cryptocurrency analyst and founder of IntoTheCryptoverse, has issued a warning in a YouTube video, suggesting that altcoins may decline further based on his analysis of historical patterns. He points out that the Total3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin and Ethereum, is exhibiting a similar pattern to the one observed in 2019. Cowen explains that in 2019, altcoins experienced a significant rally from a low price point, followed by a period of decline that lasted for several weeks. He believes that this pattern could be repeating itself in the altcoin market. If Cowen's analysis is correct, altcoin investors may want to consider exercising caution and potentially adjusting their investment strategies accordingly.
