Benjamin Cowen, a prominent crypto strategist, is warning of a potential Bitcoin (BTC) plunge, which he believes could negatively impact altcoins. Cowen suggests that Bitcoin may experience an 8% drop from its current level, which could be followed by even more significant losses.
Cowen expresses concern that Bitcoin might have already formed a topping pattern, which could lead to a decline in its price. He mentions the possibility of Bitcoin dropping to around $23,000, which could trigger a more significant sell-off in the cryptocurrency market.
Altcoins, which have maintained their valuations amid Bitcoin’s recent fluctuations, may face challenges if Bitcoin experiences a significant downturn.
It’s essential to note that predictions in the cryptocurrency market are subject to high volatility and uncertainty, and the actual outcome may vary significantly from these forecasts. Traders and investors should exercise caution and perform their research before making financial decisions in the crypto market.