Monday, October 2, 2023

Analyst Benjamin Cowen Points Altcoin Warning, Says Regulatory Uncertainty Means Bitcoin Steals the Present

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A broadly adopted crypto analyst is issuing a warning to altcoin buyers, saying that regulatory uncertainty implies that Bitcoin (BTC) will probably dominate different digital belongings.

In a brand new video replace, crypto analyst Benjamin Cowen tells his 785,000 YouTube subscribers the king crypto will beat out different digital belongings despite the fact that BTC’s rally in 2021 was adopted by a large altcoin surge.

“I do assume folks needs to be considerably cautious in assuming that the altcoin market would comply with Bitcoin simply because it occurred in 2021.

There’s truly loads of examples which you could look to to point out that the altcoin market doesn’t at all times comply with Bitcoin after these rallies, and due to this fact it’s probably going to proceed to result in the devaluation of the altcoin market on their Bitcoin pairs.”

Cowen can also be protecting an in depth watch on the Bitcoin Dominance index (BTC.D), which tracks how a lot of the full crypto market capitalization belongs to the king crypto.

Based on Cowen, BTC.D will probably take out its vital resistance space citing uncertainty within the altcoin markets due regulatory stress. A bullish BTC.D chart means that Bitcoin is rising quicker in worth than altcoins or altcoins are dropping worth quicker than BTC.

“I do know there’s lots of people that assume that [BTC.D] goes to return again down this manner, however I do assume the chances are more likely that that is going to interrupt by means of.

I believe the relative uncertainty of regulation danger as regards to the altcoin market, not figuring out if they’re securities or not, and I believe that the recession danger that once more has not absolutely materialized however might materialize later this 12 months [or] early subsequent 12 months, I believe that altcoins won’t present refuge throughout that point, however Bitcoin might present relative refuge.”

Supply: Benjamin Cowen/YouTube

Bitcoin is buying and selling for $27,594 at time of writing.



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Featured Picture: Shutterstock/Thorsten Griebel

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