Crypto trader and analyst Benjamin Cowen projected that altcoins will continue to “bleed” despite Bitcoin’s (BTC) strong performance in his most recent analysis of the cryptocurrency industry. In particular, the trader thinks that when the market reaches the third quarter of 2023, Cardano (ADA) might plummet to as little as 400 satoshis on the ADA/BTC chart.
After printing a new low for this most recent market cycle at about $0.220, Cowen’s assessment for ADA is pessimistic. He also advised retailers to steer clear of ADA’s current BTC worth, which is about 1,000 satoshis. According to Cowen, if the BTC worth of ADA continues to fall, it may reach 851 satoshis in the near future.
The main reason he thinks this negative thesis will come to pass on the ADA/BTC chart is that the BTC valuation of ADA is showing nearly the same development as it did four years ago, which ultimately led to ADA hitting 400 satoshis again at that time. Cowen agreed that the market dominance of BTC may increase in the upcoming weeks, which would be detrimental to altcoins.
If the dealer’s negative thesis is proven correct, he predicts that the value of ADA would decline by almost 60% over the next few months. In contrast to BTC, which he anticipates will outperform ADA for the remaining six months, he described ADA as a higher-risk asset in his analysis.
Although numerous cryptocurrencies experienced volatility over the weekend, Bitcoin (BTC) managed to surpass Ethereum rival Cardano (ADA) during the last 24 hours. At the time of publication, both tokens were in the red, but BTC was able to reduce its losses to just 0.19%, and ADA was down by 1.06%.
As a result, BTC was worth around $26,544.65 and ADA was trading hands for $0.2663. Meanwhile, despite the decline in value, BTC’s weekly efficiency was still more than 3%, comfortably above the green. However, the decline in ADA’s value caused its weekly efficiency to fall all the way to around +1.72%.
