© Reuters. Altcoins Struggling to Keep Up with Bitcoin’s Rise; An expert predicts volatility
- The range of major bull market support for altcoins raises concerns about the long-term viability.
- It is expected to see a significant drop in value before the halving event next year.
- This Bitcoin prediction is because investors tend to be cautious and sell their holdings before halving events, causing temporary declines.
Cryptocurrency influencer Benjamin Quinn, CEO and Founder of Into The Cryptoverse, recently stated in a YouTube video that many altcoins are currently in unsystematic bearish trends against Bitcoin, which makes him see the altcoin market as risky.
According to Cowen, while some might argue that the altcoin market is doing quite well, the troubling fact is that it has yet to make a new local high, even as Bitcoin has skyrocketed over the past few months.
The volatile nature of the cryptocurrency market has raised concerns among experts about the prospects for altcoins that fall below a bullish market support range, specifically those positioned below the 20-week simple moving average and the 21-week EMA. With a wave of speculation and hype surrounding the market, the number of available altcoins has skyrocketed, leading to warnings of an imminent depreciation of these digital assets.
Cowen also provided his view on Bitcoin, which he believes is expected to see a significant drop in value in the coming months leading up to the halving event next year. It highlights the historical pattern that Bitcoin displayed in the months leading up to the previous halving, which is likely to repeat itself this time around.
According to Cowen’s analysis, bitcoin will undergo a final bout of volatility at the end of this year, or at the latest, early next year, just before the halving event. This prediction is based on the belief that investors tend to be more cautious and sell off their holdings in the months leading up to the halving events, causing a temporary drop in the value of Bitcoin.
Altcoins struggle to keep up with the rise of Bitcoin; Expert predictions of volatility first appeared in coin issuance.