Benjamin Cowen, the famous founder of IntoTheCryptoverse and influential cryptocurrency YouTuber who leads the cryptocurrency space with his insightful analysis, has issued a dire warning to cryptocurrency investors.

In his series of tweets, Cowen sounded the alarm that altcoins are about to fall sharply against Bitcoin (BTC). His expert analysis pointed out that there are worrying similarities between the current valuations of altcoins compared to BTC and a major event that occurred in July 2019.

To support his claims, Cowen shared a chart revealing the Total 3 Index, which covers all cryptocurrencies except Bitcoin and Ethereum in relation to BTC. Apparently, his chart graphically shows the approaching critical support level, strangely reminiscent of the situation in 2019.

While the prediction may be unsettling, Cowen assured investors that the possibility of occasional altcoin rallies against Bitcoin should not be completely ruled out. He stressed the unpredictable nature of market movements and noted that intermittent recoveries should not obscure the overall macro thesis for the altcoin-to-Bitcoin ratio.

“It’s called altcoin liquidation for a reason.”

Descending channel?

In response to Cowen’s warning, one of his astute followers pointed out that Bitcoin itself experienced a decline during the same period in 2019. The analyst acknowledged this fact and reinforced his stance, claiming that while BTC may face a decline in the second half of 2019. Altcoins may see a more significant decline by 2023. He stressed that regardless of the short-term fluctuations of BTC against the US dollar, the ALT to BTC pair will face considerable downward pressure.

Overall, the cautionary advice comes amid heightened volatility in the cryptocurrency market, with market participants closely watching the movements of Bitcoin and altcoins.