The broader cryptocurrency market has come under the grip of bears with Bitcoin ETFs seeing $162 million in outflows a day before the FOMC meeting. Higher inflation print could likely nullify the chance of Fed rate cuts this year. In the last 24 hours, the Bitcoin price has tanked 5% slipping under $60,000 while altcoins are seeing an even deeper correction.
Altcoins To See Even Deeper Corrections
Crypto analyst Benjamin Cowen recently shared insights suggesting a potential correlation between altcoin-to-Bitcoin (ALT/BTC) pairs and impending rate cuts. Cowen drew parallels with the previous cycle, noting ALT/BTC pairs’ capitulation just before rate cuts. He speculated that history might repeat itself, implying a further 40% decline in ALT/BTC pairs over the coming months.
Last cycle, we saw #ALT /#BTC pairs capitulate just before rate cuts.
Perhaps this time is not different? This would mean ALT/BTC pairs drop another 40% from here over the next few months.
Short-term countertrends d
We współpracy z: https://coingape.com/altcoins-can-see-40-drop-against-btc-pairs-over-the-next-few-months-says-analyst/
