- Altcoins may see a decline of up to 40% against Bitcoin, as per analyst Benjamin Cowen.
- Recent Bitcoin fluctuations drive down altcoin values, hinting at potential buying opportunities.
- Upcoming FOMC meeting stirs market volatility, influencing investor behavior and crypto valuations.
The cryptocurrency market is experiencing a significant downturn, with Bitcoin’s recent decline casting a long shadow over altcoins. Analyst have predicted that altcoins could tumble by as much as 40% against Bitcoin in the upcoming months. This forecast is based on historical data, which shows altcoins often underperform against Bitcoin just before the Federal Reserve’s rate cuts.
Bitcoin itself has not been spared, plummeting from highs near $65,000 to a recent low of just over $57,000, the lowest since late February. This drop comes ahead of the critical US Federal Open Market Committee (FOMC) meeting, which is often associated with heightened market volatility.
The anticipation of an interest rate decision has injected a significant amount of fear, uncertainty, and doubt (FUD) into the market, compelling investors to turn to safer assets, as evidenced by the surge in the dollar index.
Despite these challenges, the future for cryptocurrencies remains bright. Industry experts like Cowen see these fluctuations as natural market cycles that present new opportunities for investors.
The current downturn may serve as a potential entry point for those looking to invest in altcoins at a lower price, anticipating future gains as the market stabilizes.
As the crypto market navigates through these turbulent times, investors are advised to keep informed and consider long-term trends over short-term volatility. With strategic investments and a keen eye on market movements, opportunities abound for those ready to take calculated risks in the crypto landscape.
Read also:
The post Altcoins Under Pressure: Market Predicts Sharp Declines, Time to Buy? appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed