Following the recent development with the SEC, sentiments around altcoins at this time are largely negative. Fueling this sentiment is a well-known analyst in the cryptocurrency market who is convinced that the coming weeks and months ahead could still be just as gloomy as the present.
Taking to YouTube, the analyst Benjamin Cowen detailed his concerns about the altcoin market, while highlighting the many things that market players need to pay attention to.
Speaking to nearly one million YouTube subscribers, Cowen explained that even if altcoin traders and investors think that altcoins have already declined by 80%, the market can sink even lower. The analyst wrote:
The altcoin reckoning is a serious thing. You should not laugh at it just because you think that your altcoins [are]already down 80% [and they]can’t keep dropping.
The altcoin reckoning can go on and on and on and on, and it’s only until after the (Bitcoin) dominance range high is broken that altcoins even get to the penultimate stage of the altcoin reckoning, which hasn’t even happened yet.
When will the market record a turnaround?
In the long term, Cowen believes that the bear trend might never end for some market participants. For others, he believes that the bear trend will only come to an end when ETH/BTC trading pairs die down.Cowen added:
Although Cowen believes that the ETH/BTC pairs will eventually collapse, he is uncertain about when and how it will happen. With the structure of the cryptocurrency market back in January, Cowen believes that it would have been easy to spot when the switch takes place. However, Ethereum seems to have maintained solid momentum over the past few months, he asserted. Nonetheless, Cowen is certain that the collapse of the pairs is inevitable.
When is it going to happen? I don’t know. I would have told you five months ago, but there’s been a lot more resilience in Ethereum than I thought there was going to be, (but that) doesn’t mean that it won’t eventually break back down.” He concluded. At report time, Bitcoin (BTC) is trading at a price of $25,820 while nursing losses from the week before.
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