Stock Market Struggles Could Hammer Altcoin Markets, According to Analyst Benjamin Cowen – Crypto News – Crypto News
Connect with us
Stock Market Struggles Could Hammer Altcoin Markets, According to Analyst Benjamin Cowen Stock Market Struggles Could Hammer Altcoin Markets, According to Analyst Benjamin Cowen

others

Stock Market Struggles Could Hammer Altcoin Markets, According to Analyst Benjamin Cowen – Crypto News

Published

2 years ago

on

Crypto strategist Benjamin Cowen says the strength of the stock market may determine the short-term future of all crypto assets aside from Bitcoin.

In a new strategy session, Cowen tells his 784,000 YouTube subscribers that the risk-off stance that stocks appear to have adopted could negatively impact altcoins if it continues.

A risk-off stance indicates that investors are either staying on the sidelines or pulling out their capital.

Says Cowen,

“If the S&P 500 [index] remains risk-off for long enough, which it tends to do in August or September of the pre-election year, it can lead to Bitcoin going below the 20-week SMA (simple moving average) and staying there in August or September of the pre-election year, which would then, in turn, lead to the capitulation of the altcoin market.

And if the altcoin market if TOTAL3 [the market cap of all cryptocurrencies except Bitcoin and Ethereum], can’t even be bothered to take out its October 2022 high in a risk-on environment, then of course it could go put in a new low in a risk-off environment.”

Source: Benjamin Cowen/YouTube

On when altcoins could turn bullish, Cowen says,

“The Bitcoin dominance is now above 50%. And I’ve said many times that altcoin accumulation, in my opinion, not financial advice, should not really start until the Bitcoin dominance is at 60%. We’re not at 60%. Therefore, I don’t think it’s time for the altcoin market.”

The Bitcoin (BTC) dominance (BTC.D) chart tracks the percentage of the total crypto market cap that belongs to the crypto king.

Turning to Bitcoin, Cowen says that the flagship crypto asset faces an ominous future ahead of the halving scheduled for April 2024.

“I think there’s a good chance that Bitcoin gets that secondary scare. A lot of times Bitcoin gets a secondary scare.

And in fact, if you look at every prior high by Bitcoin in the pre-halving year, we have always seen at least a 40% to 50% correction before the halving. Always.”

Source: Benjamin Cowen/YouTube

At time of writing, Bitcoin is trading for $28,587.

I

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending