• Crypto strategist Benjamin Cowen says the strength of the stock market may determine the short-term future of all crypto assets aside from Bitcoin.
• Cowen suggests that a risk-off stance in stocks could lead to a capitulation of the altcoin market.
• He believes that altcoin accumulation should not start until Bitcoin’s dominance is at 60%.
Risk-Off Stance Could Hammer Altcoin Markets
Crypto strategist Benjamin Cowen says the strength of the stock market may determine the short-term future of all crypto assets aside from Bitcoin. In a new strategy session, Cowen tells his 784,000 YouTube subscribers that if stocks adopt a risk-off stance, this could negatively impact altcoins. A risk-off stance indicates that investors are either staying on the sidelines or pulling out their capital.
Altcoin Accumulation Should Wait for Bitcoin Dominance
Cowen also suggests that altcoin accumulation should not start until Bitcoin’s dominance is at 60%. The Bitcoin ( BTC ) dominance (BTC.D) chart tracks the percentage of the total crypto market cap that belongs to the crypto king.
Bitcoin Faces Omious Future Ahead of Halving
Turning to Bitcoin, Cowen says that it faces an ominous future ahead of its halving scheduled for April 2024. He predicts there’s a good chance it will see at least a 40% to 50% correction before then. At time of writing, Bitcoin is trading for $28,587.
Subscribe for Price Action and News Updates
Cowen urges his viewers to subscribe to get email alerts delivered directly to their inbox in order to stay up-to-date with price action and news updates as they happen in real time.
Follow Us on Twitter, Facebook and Telegram
He also encourages followers to stay connected by following him on Twitter , Facebook and Telegram .