⚠️ Investors Analyze Cryptocurrency Trends
On Sunday, June 16, the cryptocurrency market showed relative calmness with Bitcoin (BTC) trading at $66,599. Some altcoins also displayed positive momentum. Although investors faced significant turbulence following the recent Federal Reserve meeting, the impact may be short-lived. Should leading indicators of inflation boost optimism, buyers could return to the market, anticipating the continuation of recent low data trends. So, what insights does analyst Benjamin Cowen provide?
🔸 When Will the Altcoin Bull Run Happen?
Despite Bitcoin reaching its all-time high, most altcoins remain below their peak levels, though many hover around critical support zones. According to cryptocurrency analyst Benjamin Cowen, those looking forward to a substantial altcoin rally should temper their expectations. Cowen’s latest assessment suggests that a significant altcoin bull run will not commence until the Federal Reserve reduces interest rates. Historically, altcoins have outperformed Bitcoin post the Fed’s interest rate cuts.
Cowen points out, “A majority of altcoins are declining, causing the advance/decline index to fall once again, similar to the period before the Fed’s rate cut in 2019. The index dropped sharply back then, and the Fed began cutting rates in July. It is crucial to monitor this, as calls for an altcoin season and their dominance over Bitcoin might be premature until the Fed lowers rates.”
🔸 Should You Buy Altcoins?
According to Cowen, it might be wise for investors who missed the bottom in November 2022 and are currently hesitant to avoid purchasing altcoins. However, it’s essential to recognize that analysts can be incorrect and cannot predict future market movements with certainty. If they possessed such predictive power, they likely wouldn’t share their insights on platforms like YouTube for ad revenue.
