Broadly adopted crypto analyst Benjamin Cowen says that a number of altcoins are being primed for an additional collapse a while this yr and not using a restoration.
In a brand new video replace, Cowen tells his 787,000 YouTube subscribers that an “altcoin reckoning” is on the horizon – one which many crypto belongings gained’t ever come again from.
“Whereas I’d agree the altcoin market as a complete will finally return up, there’s likelihood that a number of the altcoins immediately are usually not a part of that. A few of them in all probability can be, and a few of them in all probability will see new highs, finally.
Sadly, lots of them will seemingly not see new highs and so you could possibly have kind of a situation the place the altcoin market simply kind of spends a while in [$323.5 billion] vary, possibly finally comes again all the way down to [$290 billion range], after which simply capitulates and [falls even further] into the melancholy part earlier than popping out of it in 2024.”
In keeping with the strategist, altcoins may have a “renaissance” after their melancholy part when the Federal Reserve pivots on its financial insurance policies. Cowen says he expects the Fed to reverse course someday subsequent yr.
“I do suppose [the depression phase] is coming, after which I feel what comes after is the altcoin Renaissance, however that doesn’t come till the Fed pivots, greater than seemingly. I don’t suppose the Fed goes to pivot this yr. There’s an opportunity that they pivot this yr, however I simply don’t suppose they’re going to.
In the event that they do pivot this yr, that doesn’t imply the altcoin market goes to instantly return up. It might take a short while as a result of in the event that they do pivot this yr, they might solely minimize a really, very small quantity.”
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