A extensively adopted analyst says that the true “altcoin reckoning” remains to be on the horizon regardless of the most recent crypto correction.
In a brand new video replace, crypto strategist Benjamin Cowen tells his 783,000 YouTube subscribers that those that imagine altcoins can’t proceed to drop additional after their deep retracements over the previous 12 months ought to suppose once more.
In response to Cowen, the true altcoin capitulation remains to be coming.
“The altcoin reckoning is a critical factor. You shouldn’t snort at it simply since you suppose that your altcoins [are] already down 80% [and they] can’t maintain dropping.
The altcoin reckoning can go on and on and on and on, and it’s solely till after the (Bitcoin) dominance vary excessive is damaged that altcoins even get to the penultimate stage of the altcoin reckoning, which hasn’t even occurred but.”
Earlier this month, Cowen mentioned that he’s retaining a detailed watch on the Bitcoin dominance (BTC.D) chart. In response to Cowen, the crypto king’s dominance degree breaking above 49% could be a “risk-off” sign.
The Bitcoin dominance index tracks how a lot of the entire crypto market capitalization belongs to Bitcoin. A bullish BTC.D chart means that Bitcoin is taking a bigger share of the crypto markets on the expense of altcoins.
At time of writing, BTC.D is hovering above 49%.
Cowen goes on to say that he believes the altcoin reckoning received’t finish till a collapse of the Ethereum/Bitcoin (ETH/BTC) buying and selling pair.
“So the place does it finish? Properly for some, it by no means will. For others, it should and the place I believe it ends I’ve been clear about. I believe it ends upon the collapse of the Ethereum/Bitcoin valuation. That’s what I believe…
I believe the [ETH/BTC valuation] goes to break down and possibly come again down, possibly bounce again up after which after which plunge.
When is it going to occur? I don’t know. I might have instructed you 5 months in the past, however there’s been much more resilience in Ethereum than I assumed there was going to be, (however that) doesn’t imply that it received’t ultimately break again down.”
At time of writing, ETH/BTC is buying and selling for 0.067 BTC ($1,728).
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