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Wednesday, April 17, 2024

High Analyst Benjamin Cowen Warns of Coming Bitcoin Plunge That Will Be ‘Completely Devastating’ for Altcoins

Crypto strategist Benjamin Cowen is expressing bearish sentiment on digital belongings amid what he sees as indicators that Bitcoin (BTC) may need hit an area high.

Cowen tells his 787,000 YouTube subscribers that Bitcoin might fall by a minimum of 8% from the present stage, a transfer that might negatively influence altcoins.

“I do assume that these lows [around $25,000] will probably be taken out. And that when these lows are taken out, I believe it’s going to be completely devastating for the altcoin market. As a result of the altcoin market has barely held on to those valuations when Bitcoin has been pretty dangerous. You understand, we’ve been in an upward pattern for the primary half of the yr.”

Supply: Benjamin Cowen/YouTube

On how low Bitcoin can fall, the extensively adopted crypto analyst says,

“I believe there’s a good probability right here that that is already the topping sample that Bitcoin’s placing in. After which the problem turns into that as liquidity dries up within the altcoin market and Bitcoin actually begins to roll over, how far down can it go? I’ve stated earlier than that I believe an preliminary goal is probably going $23,000…

If [Bitcoin] follows what it did in 2019, it might imply that over the following few days, you might see Bitcoin, you recognize, kind of take out these lows.”

Supply: Benjamin Cowen/YouTube

Bitcoin is buying and selling at $27,270 at time of writing.

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