{"id":9877,"date":"2022-03-06T19:06:45","date_gmt":"2022-03-06T19:06:45","guid":{"rendered":"http:\/\/egrowonline.com\/?p=9877"},"modified":"2022-03-06T19:06:45","modified_gmt":"2022-03-06T19:06:45","slug":"heres-when-crypto-analyst-benjamin-cowen-will-flip-bullish-on-altcoins-once-again","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=9877","title":{"rendered":"Here\u2019s When Crypto Analyst Benjamin Cowen Will Flip Bullish on Altcoins Once Again"},"content":{"rendered":"


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Popular crypto analyst Benjamin Cowen says he\u2019s looking at a few signals that could indicate investors\u2019 risk appetite for altcoins.\u00a0<\/span><\/p>\n

In a new interview on crypto channel InvestAnswers, Cowen says that he has not added to his altcoin holdings in the last three months due to the current macroeconomic backdrop.<\/span><\/p>\n

\u201cI think that when Bitcoin\u2019s in a downtrend and every pump is getting sold off and you have the dollar turning higher, you have stocks turning lower, you have gold trending higher, you have the Fed fighting inflation and rolling over the balance sheet and also this war in Europe, it\u2019s hard for me to look at that and say, \u2018I want to go buy an altcoin.\u2019\u201d<\/span><\/i><\/p>\n

Looking at Bitcoin<\/a>, the analyst says he sees BTC potentially carving a bottom in the coming months.\u00a0<\/span><\/p>\n

\u201cI\u2019ve seen what happened in the second half of 2019. I saw what happened in 2018. I saw what happened in 2014. So what I\u2019m looking for is from a mathematical perspective, taking the news out of it, one of the things we\u2019ve seen before is that major bottoms tend to occur one year after the one-year ROI (return on investment) tops, and the one-year ROI actually topped in March of 2021, so plus or minus a couple [of] months on that.<\/span><\/i><\/p>\n

If Bitcoin does have another leg down and we see sort of a bottom on the one-year ROI here in the next one to two months, then I would be getting a lot more optimistic on Bitcoin just from like a pure mathematical perspective.\u201d<\/span><\/i><\/p>\n

As for when Cowen plans to hop on altcoins, the crypto strategist says that he\u2019s looking at Bitcoin and the stock market to give him the green light to do so.\u00a0<\/span><\/p>\n

\u201cRight now, I\u2019m still somewhat uneasy on the whole altcoin market. So again for me, Bitcoin and stablecoins, until either Bitcoin has a more clear capitulation to go back to some of the more historic levels, or Bitcoin shows strength and can actually get back above say like its 20-week moving average and starts to rally. If it can do that and stock starts turning higher, then we\u2019re back to risk on.\u201d<\/span><\/i><\/p>\n