Analyst Benjamin Cowen warns of potential further corrections in the altcoin market, drawing parallels with 2019 patterns.
Ethereum shows a bearish trend similar to 2019, which could lead to a broader decline in the altcoin market.
Benjamin Cowen, a renowned crypto analyst, has issued a warning to altcoin investors. According to Cowen, the historical trends indicate that altcoins may undergo further corrections. In a recent video directed at his YouTube subscribers, Cowen went over the TOTAL3 chart, which measures the market cap of all other cryptocurrencies excluding BTC, ETH, or stablecoins.
Cowen pointed out a pattern that was seen in 2019, indicating that what is happening in the current altcoin market is similar to it. He noted, “You can see that in 2019 [altcoins]put in this low and then a high. Same thing right here [in 2024], a low, and then a high. And then they bled back down back to this low, and then they ended up holding it for a few weeks.”
He anticipates a possible
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