{"id":293418,"date":"2024-05-01T13:06:36","date_gmt":"2024-05-01T07:36:36","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=293418"},"modified":"2024-05-01T13:06:36","modified_gmt":"2024-05-01T07:36:36","slug":"altcoins-can-see-40-drop-against-btc-pairs-over-the-next-few-months-says-analyst-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/altcoins-can-see-40-drop-against-btc-pairs-over-the-next-few-months-says-analyst-crypto-news\/","title":{"rendered":"Altcoins Can See 40% Drop Against BTC Pairs Over The Next Few Months, Says Analyst – Crypto News"},"content":{"rendered":"

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The broader cryptocurrency market has come under the grip of bears with Bitcoin ETFs seeing $162 million in outflows a day before the FOMC meeting<\/a>. Higher inflation print could likely nullify the chance of Fed rate cuts this year. In the last 24 hours, the Bitcoin price has tanked 5% slipping under $60,000 while altcoins are seeing an even deeper correction.<\/p>\n

Altcoins To See Even Deeper Corrections<\/h3>\n

Crypto analyst Benjamin Cowen recently shared insights suggesting a potential correlation between altcoin-to-Bitcoin (ALT\/BTC) pairs and impending rate cuts. Cowen drew parallels with the previous cycle, noting ALT\/BTC pairs\u2019 capitulation just before rate cuts. He speculated that history might repeat itself, implying a further 40% decline in ALT\/BTC pairs over the coming months.<\/p>\n

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Last cycle, we saw #ALT<\/a> \/#BTC<\/a> pairs capitulate just before rate cuts.<\/p>\n

Perhaps this time is not different? This would mean ALT\/BTC pairs drop another 40% from here over the next few months.<\/p>\n

Short-term countertrends do not invalidate this view. pic.twitter.com\/BK3VIrCBJ2<\/a><\/p>\n

<\/p>\n

\u2014 Benjamin Cowen (@intocryptoverse) April 30, 2024<\/a><\/p>\n<\/blockquote>\n

Despite short-term countertrends, Cowen<\/a> maintained his perspective, highlighting the ongoing struggles of altcoins amidst plummeting social interest. He pointed out a lack of concern among investors, paralleling the scenario to that of 2019. During that period, social interest also declined before rate cuts, and ALT\/BTC pairs bottomed out when the Federal Reserve adjusted its stance.<\/p>\n

May Could Be Tough for Bitcoin and Crypto<\/h3>\n

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The Bitcoin price<\/a> has extended its losses, as it trades at $59,500 levels as of press time. The month of April turned out to be the worst-performing month for Bitcoin after the FTX collapse in November 2022. Market analysts are pointing out a further downside for the BTC price to $52,000, if it breaks under $58,000, its 100-day EMA.<\/p>\n

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The last time #Bitcoin<\/a> tested the 100-day EMA while the RSI dipped to 36 was in late January, sparking a major price rebound. <\/p>\n

Now, $BTC<\/a> is back at these levels! However, be cautious\u2014 a sustained close below the 100-day EMA might signal a drop toward the 200-day EMA. pic.twitter.com\/cAxsq5ZaQI<\/a><\/p>\n

\u2014 Ali (@ali_charts) April 30, 2024<\/a><\/p>\n<\/blockquote>\n

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Market analyst Patric H. anticipates a challenging emotional ride for Bitcoin and altcoin investors in May. He suggests that within the next 2-6 weeks, there may be a final shake-out period before a potential breakout occurs. He added that the sentiment is too euphoric as the Fear and Greed Index shows towards the \u201cGreedy\u201d side.<\/p>\n

Patric added<\/a>: \u201cThe market is losing momentum as we observe continued outflows from <\/a><\/span>Bitcoin<\/span> ETFs. Coupled with the underwhelming debut of the HK ETF, which posted only $11M in trading volume (instead of the expected $300M), investor expectations are not being met\u201d.<\/span><\/p>\n

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\u2713 Share:<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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The broader cryptocurrency market has come under the grip of bears with Bitcoin ETFs seeing $162 million in outflows a day before the FOMC meeting. Higher inflation print could likely nullify the chance of Fed rate cuts this year. In the last 24 hours, the Bitcoin price has tanked 5% slipping under $60,000 while altcoins […]<\/p>\n","protected":false},"author":2,"featured_media":150938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-293418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=293418"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293418\/revisions"}],"predecessor-version":[{"id":293420,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293418\/revisions\/293420"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/150938"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=293418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=293418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=293418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}