Altcoins VS bitcoin: which one will survive?

Benjamin Cowen is both a well-known crypto influencer and analyst. In a new YouTube video, he makes a most startling statement. According to him, many altcoins are in systematic downtrends against bitcoin. The details.

Altcoins in downtrends against bitcoin

Since the beginning of the year, predictions have been going strong on altcoins. According to Benjamin Cowen, they find themselves in systematic downtrends against bitcoin. In a simpler way, altcoins will be continuously devalued on their bitcoin pairs throughout this market cycle.

To illustrate his point, Benjamin Cowen took some examples of altcoins. He considers the Solana/Bitcoin pair to be by far the best example. According to Cowen, each time it inflates, the crypto market goes into a panic. Nevertheless, movement fades every time.

This is pretty much the case with AVAX/Bitcoin which broke below the bull market support band. There is also MATIC/Bitcoin which continues to decline. Added to this is Litecoin/Bitcoin which continues to push lower and Maker/Bitcoin which is slowly falling.

Benjamin Cowen’s prediction for bitcoin

In his video, Benjamin Cowen also gives his opinion on the future of bitcoin. According to this crypto analyst, the value of this crypto will drop significantly in the coming months (in the second half of 2023). This downtrend will certainly precede the halving expected next year. Cowen argues, however, that bitcoin may have already hit its highs or it may see another rally ahead of this drop in value.

To defend his analysis, Cowen puts forward the historical diagram displayed by bitcoin in the months preceding the halving of 2022. A pattern that is likely to recur according to him!

Based on this analysis by Benjamin Cowen, altcoin investors should be wary of the correlation between altcoins and bitcoin. Another point to remember: the systematic downward trend will not last forever. It’s onlya trend during a market cycle !