Bitcoin

Verge

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Renowned crypto influencer and founder of IntoTheCryptoverse <a href="https://twitter.com/intocryptoverse/status/1678182491876720640?s=20">Benjamin Cowen</a> has issued a warning to cryptocurrency investors, stating that altcoins could be on the brink of a significant downturn against <a href="https://u.today/bitcoin-bull-mike-novogratz-urges-to-buy-btc-after-this-revelation">Bitcoin (BTC)</a>. In a recent tweet, Cowen highlighted a concerning resemblance between the current altcoin valuation against BTC and the situation observed in July 2019.
<a href="https://u.today/bitcoin-bull-mike-novogratz-urges-to-buy-btc-after-this-revelation">card</a>
Cowen's tweet showcased a chart illustrating the Total 3 index, encompassing all cryptocurrencies, excluding Bitcoin and <a href="https://u.today/bitcoin-ordinals-about-to-flip-ethereum-nfts">Ethereum</a>, in relation to BTC. The chart visibly indicates a critical support level approaching, reminiscent of a similar occurrence in 2019.
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 In July 2019, altcoins were at the same valuation against <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> that they are today.While timeframes do not have to align perfectly, this chart still suggests that altcoins could collectively drop another 40% against BTC.It’s called the altcoin reckoning for a reason. <a href="https://t.co/6VHghFvbip">pic.twitter.com/6VHghFvbip</a>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1678182491876720640?ref_src=twsrc%5Etfw">July 9, 2023</a>
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Despite the potentially unsettling prognosis, Cowen clarified that occasional bounces in altcoin-to-BTC pairs should not be ruled out. He emphasized the stochastic nature of market movements and asserted that intermittent rebounds should not undermine the overall macro thesis on the altcoin-to-BTC ratio.
<h2 id="down-only">Down only?</h2>
One of Cowen's followers raised the point that Bitcoin itself experienced a decline during the same period in 2019. The astute analyst acknowledged this fact and reinforced his position by stating that while <a href="https://u.today/71000-btc-bought-by-bitcoin-whales-in-latest-accumulation-move-details">BTC</a> may face a decline in the latter half of 2023, altcoins could suffer an even more pronounced drop. He stressed that ALT-to-BTC pairs are likely to experience significant downward pressure, irrespective of short-term fluctuations in BTC to USD.
<a href="https://u.today/71000-btc-bought-by-bitcoin-whales-in-latest-accumulation-move-details">card</a>
This warning comes at a time when the cryptocurrency market has been characterized by heightened volatility and market participants are keenly observing the movements of both Bitcoin and altcoins.

Altcoins on Verge of 40% Crash Against Bitcoin (BTC), Warns Influential Crypto YouTuber

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