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<p>The post <a rel="nofollow" href="https://coinpedia.org/altcoin/altcoin-crash-prominent-analyst-forecasts-40-drop-against-bitcoin-btc/">Altcoin Crash: Prominent Analyst Forecasts 40% Drop Against Bitcoin (BTC)</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Leading the crypto sphere with his insightful analysis, Benjamin Cowen, the renowned founder of IntoTheCryptoverse and influential crypto YouTuber, has issued a dire warning to cryptocurrency investors.&nbsp;</p> 
<p>In his series of tweets, Cowen sounded the alarm bells, signaling an impending significant downturn for altcoins against Bitcoin (BTC). His expert analysis points to a concerning similarity between the current valuation of altcoins compared to BTC and a critical event that took place in July 2019.</p> 
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   <p lang="en" dir="ltr">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. <br><br>While timeframes do not have to align perfectly, this chart still suggests that altcoins could collectively drop another 40% against BTC.<br><br>It’s called the altcoin reckoning for a reason. <a href="https://t.co/6VHghFvbip">pic.twitter.com/6VHghFvbip</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1678182491876720640?ref_src=twsrc%5Etfw">July 9, 2023</a>
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<p>Backing his claim, Cowen shared a revealing chart depicting the Total 3 index, encompassing all cryptocurrencies except Bitcoin and Ethereum, in relation to BTC. Evidently, his chart graphically displays an approaching critical support level, eerily reminiscent of the 2019 occurrence.</p> 
<p>Despite the potentially unsettling forecast, Cowen reassured investors that occasional altcoin-to-BTC rebounds should not be entirely ruled out. He emphasized the unpredictable nature of market movements, stating that intermittent recoveries should not overshadow the overall macro thesis on the altcoin-to-BTC ratio.&nbsp;</p> 
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 <p><strong><em>“It’s called the altcoin reckoning for a reason.”</em></strong></p> 
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<h2 class="wp-block-heading" id="h-downward-spiral"><strong>Downward spiral?</strong></h2> 
<p>In response to Cowen’s warning, one of his astute followers pointed out that Bitcoin itself experienced a decline during the same period in 2019. Acknowledging this fact, the analytical expert reinforced his position, asserting that while BTC may face a decline in the latter half of 2023, altcoins could bear an even more substantial drop. He stressed that ALT-to-BTC pairs are poised to encounter considerable downward pressure, irrespective of short-term fluctuations in BTC to USD.</p> 
<p>Overall, this cautionary advice arrives at a time when the cryptocurrency market is marked by heightened volatility, with market participants keeping a watchful eye on the movements of both Bitcoin and altcoins.</p>

Altcoin Crash: Prominent Analyst Forecasts 40% Drop Against Bitcoin (BTC)

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