Cryptocurrency analyst Benjamin Cowen has cautioned investors about buying the dip in alternative coins, citing a historical precedent of a significant drop.
What Happened: Cowen drew attention to the last time ETH/BTC support broke in 2019, which led to a drastic 70% fall in “Alts” over the subsequent six to nine months. He noted that the ETH/BTC support broke two days before his post, suggesting a similar downturn for Alts could be imminent.
This warning contrasts with the advice of many influencers encouraging investors to buy the dip in altcoins, highlighting the volatility and unpredictability of the cryptocurrency market.
See Also: Best 10 Altcoins In April 2024
Why It Matters: Cowen’s warning comes amidst fluctuating market conditions and strategic investment decisions. Despite the endorsement of Bitcoin by investment heavyweight BlackRock Inc in 2023, skepticism about the cryptocurrency persists among many finance professionals.
Renowned cryptocurrency analyst Willy Woo has projected that Bitcoin ETFs could potentially drive Bitcoin's price to surpass that of gold.
However, in the lead-up to the “halving” event, Crypto.com CEO Kris Marszalek anticipates a surge in Bitcoin sales.
These developments underscore the volatility of the cryptocurrency market and the need for investors to exercise caution, as highlighted by Cowen.
Price Action: In the last 24 hours, Bitcoin shows a slight increase of 0.10%, reaching a price of $63,522. Meanwhile, Ether demonstrates a slightly stronger performance with a 0.22% uptick, bringing its price to $3,110, according to the data from Benzinga Pro.
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!